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					Furnaces & Boilers Government Regulatory Impact Model


NAVIGANT CONSULTING, INC.
1801 K Street NW, Suite 500
Washington DC
20006                                                       JULY, 2006

NOPR Residential Furnace and Boiler Rulemaking



Because software is inherently complex and may not
be completely free of errors, you are advised to verify
your work. In no event will Navigant Consulting be liable
for direct, indirect, special, incidental, or
consequential damages arising out of the use of
or inability to use the software or documentation,
even if advised of the possibility of such damages.
atory Impact Model




 JULY, 2006
Welcome to the Government Regulatory Impact Model (GRIM) for the Furnac
User Instructions
1. The red-tabbed sheets pertain to overview information. The pink-tabbed sheets refer to input information. The g
   The blue-tabbed sheets contain numerical and graphical output.

2. Pink cells designate input information. Green cells designate intermediate calculations.

3. By clicking on sheet names in column B of the "Index" sheet, the workbook can be quickly navigated.

4. Use the "Major Assumptions" sheet to choose the desired scenario. Cells C3 to C8 let the user select key scena

5. After selecting the desired scenario, go to the blue-tabbed sheet entitled "Summary Report." Rows 16-18 summ

6. Other blue-tabbed sheets provide graphical information summarizing the scenario. Note, on some computers,
opened before the graphical information will completely update.
RIM) for the Furnace and Boiler Rulemaking

er to input information. The green-tabbed sheets represent calculations.




quickly navigated.

 let the user select key scenario assumptions

Report." Rows 16-18 summarize the impact on Industry Net Present Value (INPV).

Note, on some computers, the workbook may need to be closed and re-
                Sheet/Area
              Cover
              Index
  Navigation
              Glossary
              Calculation Flow (INPV)
              Major Assumptions
              Product Costs
              NWGF Ship
              WGF Ship
    Input     MHF Ship
              OF Ship
              GB Ship
              OB Ship
              Conversion Cost Timing
              Base Revenue & Costs
              Standard Revenue & Costs
 Calculations
              Base Case
              Standard Case
Output        Summary Report
              Graph - Shipments
              Graph - Revenue by Year
              Graph - ROIC
              Graph - Profits
              Graph - Investments
              Graph - Operating Cash Flow
              Graph - Net Cash Flow
              Graph - Industry Value (NPV)
              Graph - Income After Tax
              Graph - Average Unit Price
              Data for Graphs
Description
Nameplate
Links to Sheets
Manufacturer Impact Analysis Glossary
Description of the industry net present value (NPV) calculation method
Scenario selection, all major assumptions, including conversion costs
Detailed product cost assumptions
Non-weatherized Gas Furnace shipment forecasts
Weatherized Gas Furnace shipment forecasts
Manufactured Home Furnace shipment forecasts
Oil Furnace shipment forecasts
Gas Boiler shipment forecasts
Oil Boiler shipment forecasts
Table showing how fast conversion costs are incurred
Aggregation of revenues and costs, for the Base case
Aggregation of revenues and costs, for the Standards case
Calculation of cash flow, for the Base case
Calculation of cash flow, for the Standards case
Summary of results
Shipments by year
Total Revenue by year
Return on Invested Capital by year
Profit Before Tax by year
Capital expenditure by year
Operating Cash Flow by year
Cash Flow by year
Total Net Present Value of the Industry (Base vs. Standard cases)
Income After Tax by year
Unit price by year
Underlying data for graphs.
                                              GLOSSARY
Advanced Notice of Proposed Rulemaking
(ANOPR)

Annual Compliance Costs

Base Case

Beta

Capital Asset Pricing Model (CAPM)
Capital Expenditures

Conversion Capital Expenditures
Conversion Costs
Cost of Debt, Kd
Cost of Equity, Ke

Cost of Goods Sold (COGS)

Depreciation

Direct Labor Cost
Direct Material Cost

Earnings Before Interest and Taxes (EBIT)
EPACT
Free Cash Flow

Full Cost of Product

Full Production Cost

Governmental Regulatory Impact Model (GRIM)
(Income) Tax Rate


Manufacturer Impact Analysis (MIA)
Net Operating Profit After Taxes (NOPAT)
Net Present Value (NPV), or Industry NPV

(Net) Working Capital (NWC)

Non-Production Cost Markup


Notice of Proposed Rulemaking (NOPR)

Overhead (factory overhead)

Product Conversion Expenses
Product Mix

Property, Plant, & Equipment, net (PPE, net)

Return on Invested Capital (ROIC)
Return on Sales
Revenue


Risk Premium
Riskless Rate
Rollup Scenario
Selling, General, and Administrative Expenses
(SG&A)
Shift Scenario

Shipment Model
Standard Case


Techical Support Document (TSD)
Trial Standard Level (TSL)


Weighted Average Cost of Capital (WACC)
                      GLOSSARY
Federal Register notice detailing preliminary analyses conducted by the DOE to establish the economic feasibility
of increased minimum efficiency standards.
Ongoing annual costs required to comply with an appliance efficiency standard. These are incurred on and after
the standard effective date, typically as a result of testing requirements.
The "no standard" case. The industry valuation is conducted assuming that an appliance energy efficiency
standard is not implemented.
The covariance of a stock in relation to the rest of the stock market. If B>1, the stock is more volatile than the
rest of the stockmarket. If B<1, the stock is less volative than the rest of the stockmarket.
A standard financial model expressing the relationship between expected risk and expected return. The return on
an asset equals the riskless rate plus a risk premium.
Outlay of money to acquire or improve capital assets such as plant, property, and equipment.
One-time investments in plant, property, and equipment; resulting from an appliance energy efficiency standard's
implementation.
Conversion costs include Product Conversion Expenses and Capital Conversion Costs.
The average interest rate a company is paying on all of its debt.
The required return of a company's stockholders.
The cost of buying raw materials and producing finished goods. COGS includes materials, labor, and overhead,
where part of overhead is depreciation.
Amortization of fixed assets (such as PPE), so as to allocate the cost over their depreciable life. Depreciation
does not reduce free cash flow, but it does reduce taxable income.
The portion of COGS that includes direct labor, commissions, dismissal pay, bonuses, vacation, sick leave, social
security contributions, fringe, and assembly labor up-time.
The portion of COGS that includes direct materials and scrap.
Revenue less COGS and SG&A expenses (including R&D, product conversion expenses, and annual compliance
costs).
Energy Policy Act (of 1992).
Cash available after operations and investments.
The result of applying the Non-Production Cost markup to the Full Production Cost. The full Cost of Product is
the same as the Manufacturer Selling Price.
Includes direct labor, direct material, and (factory) overhead (including depreciation). This includes the same cost
categories that comprise Cost of Goods Sold in the discounted cash flow analysis.
The industry cash flow model used by the US Department of Energy to assess impacts on manufacturers due to
proposed appliance efficiency standards.
The effective tax rate assessed on a company's earnings before taxes (EBT).
The analysis of potential impacts on manufacturers resulting from various Trial Standard Levels (TSLs). The MIA
will influence the appliance energy efficiency standards that are proposed in the NOPR. The MIA will be
published in the TSD that accompanies the NOPR.
EBIT less taxes.
The discounted sum of industry free cash flows plus a discounted terminal value.
Current assets less current liabilities. The change in working capital is the difference in required working capital
between a given year and the previous year.
The markup that converts Full Production Cost to a Full Cost of Product (i.e, Manufacturer Selling Price). The
Non-Production Cost markup includes SG&A, R&D, interest, and profit.
Federal Register notice detailing analyses conducted by the DOE to establish proposed appliance energy
efficiency standards. The GRIM and associated Manufacturer Impact Analysis (MIA) will be incorporated in the
NOPR and the NOPR TSD.
The portion of COGS that includes indirect labor, indirect material, energy use, maintenance, depreciation,
property taxes, and insurance related to assets.
Conversion expenses incurred prior to the appliance efficiency standard's effective date including R&D,
engineering design costs, marketing, and preparation for testing.
The mix of product efficiencies sold by a company or industry.
PPE is fixed assets, or long-lived assets, including building, machinery, and equipment. PPE, net is PPE less
accumulated depreciation.
ROIC is equal to NOPAT / (PPE, net + NWC). When ROIC is greater than WACC, a company or industry is
creating value.
Return on Sales is equal to EBIT / revenue.
Net sales.
The difference between the total return and the riskless return from a risky investment. In the CAPM, the market
risk premium reflects systematic risk as measured by Beta (as opposed to idiosynchratic risk). For GRIM, the
market risk premium is assumed to be 9.2% (nominal).
Assumed to be the historical average yield on 10-year treasuries.

A major component of the manufacturer selling price, accounted for in the GRIM as part of the Non-Production
Cost markup.

A sub-model used in the National Impact Analysis that provides base case and standard case shipment
projections.
The case where appliance energy efficiency standards are implemented. Compare to base case.
TSD's are published by the DOE as companion documents to Federal Register notices (e.g., ANOPRs and
NOPRs). The TSD's include technical detail that supports the notices. The NOPR's TSD will include the
discussion of the Manufacturer Impact Analysis (MIA), based on the GRIM.
A trial appliance energy efficiency standard evaluated by the DOE during the NOPR phase analyses.
The weighted average cost of debt and equity capital for a firm or industry, weighted by the proportions of each
source. The cost of debt is reduced by the tax shield provided by debt-financing. The GRIM's WACC is typically
specified in real terms (inflation-adjusted).
                      Furnace and Boiler GRIM Model
                                     Base Case                                                 Standard Case

                  Prices    X    Shipments     =    Revenue                   Prices       X    Shipments        =       Revenue
1. Revenues
                                                                             •Efficiency        •Efficiency
                  Costs                                                       Level              Level
                                                                             •Markups


                Revenue – (COGS w/ Depreciation + SG&A + Taxes)              Revenue – (COGS w/ Depreciation + SG&A + Taxes)
2. Net
Operating
                                                                                           •Efficiency      •Conversion     •Product Conversion
Profit after                                           = NOPAT                              Level            CAPEX           Expenses
Taxes                                                                                                                       •Efficiency
(NOPAT)                                                                                                                      Level

                                                                                                   Change in      Cash Used in
                                     Change in      Cash Used in           NOPAT+ Depreciation + Working Capital + Investment =
3. Free Cash NOPAT+ Depreciation + Working Capital + Investment =   FCFt                                                                 FCFt
Flow (FCFt)                                                                         •Conversion                            •Conversion
                                                                                     CAPEX                                  CAPEX
                                                                                    •Efficiency                            •Efficiency
                                                                                     Level                                  Level

                                     FCF t                                                          FCF t
4. Industry
Net Present
                   INPV Base =                 t
                                                  + Discounted               INPV Standard =                        t    + Discounted
                                     (1 + WACC)     Terminal Value                                  (1 + WACC)              Terminal
Value
                                                                                                                            Value
(INPV)




                                       Change in INPV = INPV Standard – INPV Base
Assumptions Page for                           0.00%

Oil Boilers
Active Class Selected:                       Oil Boilers
Standard Case AFUE (%):                         84%
Markups:                                        Flat
Economic Growth Scenario:                    Reference
Conversion Cost Scenario:                      High
Revised NES?                                    Y

Financial Parameters
Base Year                                       2004
Announcement Year                               2007
Standard Year                                   2015
Terminal Year                                   2038
PPE Depreciation Period (years)                  10
Growth Rate @ Terminal Year                      1%
Inflation: Nominal Terms                         Off

81% NWGF Toggle                                 Min




                                              Selected
Tax rate                                       37.3%
Working Capital                                23.2%
Standard SG&A                                  20.8%
Capital Expenditures                           1.8%
Depreciation                                   2.1%
R&D                                            0.9%
Net Property, Plant, & Equipment                25%
Discount Rate                                    6%
Inflation Rate                                   0%
% of Conv Capex to replace Stranded Assets      60%
NWGF 81% WARRANTY COST                           0%
Markup Scenario                                  Flat
  Markup Index                                    1
  Average Markup                                1.440

Market Share                                   100%

Base Case AFUE (%)                              80%
Standard Case AFUE (%)                          84%




Capital Conversion Cost ($$MM)                   $3
Product Conversion Cost ($$MM)      $4

Prices to Distributor




Sales Volume (units)
                                   2015
                                 % Change

Production Costs

                                 Materials
                                  Labor
                                  Freight
                                 Overhead

Product Mix
  OB
37.29%   of EBT
23.23%   of Revenue
20.84%   of Revenue
 1.80%   of Revenue
 2.10%   of Revenue
 0.93%   of Revenue
25.44%   of Revenue
 6.07%   of Revenue
 0.00%   per year
60.00%
 0.00%
  Flat
    1
  1.44

 100%

  80%
  84%

Capital Conversion ($$MM)
OB
  80%           $0
  81%           $0
  82%           $0
  83%           $3
  84%           $3
  85%           $4
  86%           $6
  87%           $6
  90%           $6
  95%         $70

            $3
      OB
       80%       $0
       81%       $0
       82%       $0
       83%       $4
       84%       $4
       85%       $4
       86%       $6
       87%       $6
       90%       $6
       95%       $10


                 $4

        80%     $909
        81%     $914
        82%     $919
        83%     $924
        84%     $930
        85%     $940
        86%     $943
        87%     $950
        90%    $1,513
        95%    $2,103




        Base   Standard
        0.12     0.12
                0.00%

        Base   Standard
             84% AFUE
      78% AFUE
        $513     $517
         $50      $59
         $40      $40
         $43      $46

        Base   Standard
        2003     2012
80%      5%       0%
81%      5%       0%
82%      5%       0%
83%     23%       0%
84%     23%      63%
85%     23%      23%
86%      7%       7%
87%      0%       0%
90%      7%       7%
95%      0%       0%

        100%    100%
                                                    Oil Boilers
                                                             34%                                                                Avg Markup
                                                                                                          Standard
                                                                         Total w/o      Base    Base Case           Standard
                                                                                                            Case                  1.44
                                                                        Depreciation   Markup     Price            Case Price
     AFUE   Material    Labor    Transportation Overhead Depreciation                                      Markup
1    75%
2    76%
3    77%
4    78%
5    79%
6    80%    $512.61     $50.20      $39.80      $43.05      $14.64        $631.03       1.44     $908.68    0.00      $0.00           0%
7    81%    $513.60     $52.36      $39.80      $43.80      $14.89        $634.68       1.44     $913.94    0.00      $0.00           0%
8     X
9    82%    $514.60     $54.52      $39.80      $44.55      $15.15        $638.33       1.44     $919.19    0.00      $0.00           0%
10   83%    $515.59     $56.68      $39.80      $45.30      $15.40        $641.98       1.44     $924.45    0.00      $0.00           0%
11   84%    $516.59     $58.84      $39.80      $46.05      $15.66        $645.63       1.44     $929.70    1.44     $929.70        63%
12   85%    $518.57     $63.16      $39.80      $47.56      $16.17        $652.92       1.44     $940.21    1.44     $940.21        23%
13   86%    $520.56     $63.16      $39.80      $47.56      $16.17        $654.91       1.44     $943.07    1.44     $943.07          7%
14   87%    $522.58     $65.36      $39.80      $48.32      $16.43        $659.62       1.44     $949.86    1.44     $949.86          0%
15   88%
16   89%
17   90%    $806.92     $82.11     $105.10      $85.60      $29.10       $1,050.63      1.44    $1,512.90   1.44    $1,512.90         7%
18   91%
19   92%
20   93%
21   94%
22   95%    $1,281.53   $82.11      $40.17      $85.60      $29.10       $1,460.30      1.44    $2,102.84   1.44    $2,102.84         0%
23   96%
24   97%
25   98%
26   99%




                                                                                                                                   100%
         Manufacturer Markup: Oil Hot Water Boilers

Flat

AFUE                80%     81%       82%     83%     84%    86%    90%    95%
STD           80%   1.44    1.44      1.44    1.44    1.44   1.44   1.44   1.44
              81%           1.44      1.44    1.44    1.44   1.44   1.44   1.44
              82%                     1.44    1.44    1.44   1.44   1.44   1.44
              83%                             1.44    1.44   1.44   1.44   1.44
              84%                                     1.44   1.44   1.44   1.44
              86%                                            1.44   1.44   1.44
              90%                                                   1.44   1.44
              95%                                                          1.44



Exponential
    5%

AFUE                80%     81%       82%     83%     84%    86%    90%    95%
STD           80%   1.44    1.44      1.44    1.44    1.44   1.44   1.45   1.45
              81%           1.44      1.44    1.44    1.44   1.44   1.45   1.45
              82%                     1.44    1.44    1.44   1.44   1.45   1.45
              83%                             1.44    1.44   1.44   1.44   1.45
              84%                                     1.44   1.44   1.44   1.45
              86%                                            1.44   1.44   1.45
              90%                                                   1.44   1.44
              95%                                                          1.44




Custom
   60%

AFUE                80%     81%       82%     83%     84%    86%    90%    95%
STD           80%   1.40    1.40      1.40    1.40    1.46   1.46   1.49   1.49
              81%           1.40      1.40    1.40    1.46   1.46   1.49   1.49
              82%                     1.40    1.40    1.46   1.46   1.49   1.49
              83%                             1.40    1.40   1.46   1.49   1.49
              84%                                     1.40   1.40   1.49   1.49
              86%                                            1.40   1.49   1.49
              90%                                                   1.40   1.49
95%   1.40
Residential Boiler Shipment Forecast: Oil Hot Water Boilers                                    REVISED NES?            Y

                               Shipment Distribution by Efficiency: Roll-up Assumption
                               Standard Levels
                      AFUE       80%       81%       82%        83%        84%      85%          86%        87%            90%        95%
                       80%       5.3%
                       81%       5.4%     10.7%
                       82%       5.3%      5.3%     16.0%
                       83%      23.4%     23.4%     23.4%      39.4%
                       84%      23.3%     23.3%     23.3%      23.3%      62.7%
                       85%      23.3%     23.3%     23.3%      23.3%      23.3%    86.0%
                       86%       7.0%      7.0%      7.0%       7.0%       7.0%     7.0%        93.0%
                       87%       0.0%      0.0%      0.0%       0.0%       0.0%     0.0%         0.0%       93.0%
                       90%       7.0%      7.0%      7.0%       7.0%       7.0%     7.0%         7.0%        7.0%          100%
                       95%       0.0%      0.0%      0.0%       0.0%       0.0%     0.0%         0.0%        0.0%          0.0%       100%
                   Source: NES_2.17_07_17

                                  100.0%    100%      100%      100%      100%      100%          100%        100%          100%       100%



              1               2        3        4         5         6         7            8            9         10             11         12      13
                      FALSE
                           80%      80%      80%       80%       80%       80%       80%           80%         80%           80%        80%        81%
Total Mln                  80%      81%      82%       83%       84%       85%       86%           87%         90%           95%       Total       80%
   0.148    2003         0.0078   0.0080   0.0078    0.0345    0.0344    0.0344    0.0103        0.0000      0.0103        0.0000      0.148     0.0078
   0.093    2004         0.0049   0.0050   0.0049    0.0217    0.0216    0.0216    0.0065        0.0000      0.0065        0.0000      0.093     0.0049
   0.084    2005         0.0045   0.0046   0.0045    0.0198    0.0197    0.0197    0.0059        0.0000      0.0059        0.0000      0.084     0.0045
   0.080    2006         0.0043   0.0043   0.0043    0.0188    0.0187    0.0187    0.0056        0.0000      0.0056        0.0000      0.080     0.0043
   0.081    2007         0.0043   0.0044   0.0043    0.0190    0.0189    0.0189    0.0057        0.0000      0.0057        0.0000      0.081     0.0043
   0.085    2008         0.0045   0.0046   0.0045    0.0198    0.0197    0.0197    0.0059        0.0000      0.0059        0.0000      0.085     0.0045
   0.091    2009         0.0048   0.0049   0.0048    0.0213    0.0212    0.0212    0.0064        0.0000      0.0064        0.0000      0.091     0.0048
   0.099    2010         0.0053   0.0054   0.0053    0.0232    0.0231    0.0231    0.0069        0.0000      0.0069        0.0000      0.099     0.0053
   0.107    2011         0.0057   0.0058   0.0057    0.0251    0.0250    0.0250    0.0075        0.0000      0.0075        0.0000      0.107     0.0057
   0.113    2012         0.0060   0.0061   0.0060    0.0264    0.0263    0.0263    0.0079        0.0000      0.0079        0.0000      0.113     0.0060
   0.117    2013         0.0062   0.0063   0.0062    0.0275    0.0273    0.0273    0.0082        0.0000      0.0082        0.0000      0.117     0.0062
   0.119    2014         0.0063   0.0064   0.0063    0.0279    0.0278    0.0278    0.0084        0.0000      0.0084        0.0000      0.119     0.0063
0.1195   2015   0.0063    0.0065      0.0063    0.0280   0.0278   0.0278   0.0084      0.0000     0.0084   0.0000        0.1195   0.0000
0.1194   2016   0.0063    0.0064      0.0063    0.0279   0.0278   0.0278   0.0084      0.0000     0.0084   0.0000        0.1194   0.0000
0.1209   2017   0.0064    0.0065      0.0064    0.0283   0.0282   0.0282   0.0085      0.0000     0.0085   0.0000        0.1209   0.0000
0.1228   2018   0.0065    0.0066      0.0065    0.0287   0.0286   0.0286   0.0086      0.0000     0.0086   0.0000        0.1228   0.0000
0.1256   2019   0.0067    0.0068      0.0067    0.0294   0.0293   0.0293   0.0088      0.0000     0.0088   0.0000        0.1256   0.0000
0.1276   2020   0.0068    0.0069      0.0068    0.0299   0.0297   0.0297   0.0089      0.0000     0.0089   0.0000        0.1276   0.0000
0.1289   2021   0.0068    0.0070      0.0068    0.0302   0.0300   0.0300   0.0090      0.0000     0.0090   0.0000        0.1289   0.0000
0.1293   2022   0.0069    0.0070      0.0069    0.0303   0.0301   0.0301   0.0091      0.0000     0.0091   0.0000        0.1293   0.0000
0.1294   2023   0.0069    0.0070      0.0069    0.0303   0.0302   0.0302   0.0091      0.0000     0.0091   0.0000        0.1294   0.0000
0.1290   2024   0.0068    0.0070      0.0068    0.0302   0.0300   0.0300   0.0090      0.0000     0.0090   0.0000        0.1290   0.0000
0.1271   2025   0.0067    0.0069      0.0067    0.0298   0.0296   0.0296   0.0089      0.0000     0.0089   0.0000        0.1271   0.0000
0.1235   2026   0.0065    0.0067      0.0065    0.0289   0.0288   0.0288   0.0086      0.0000     0.0086   0.0000        0.1235   0.0000
0.1179   2027   0.0062    0.0064      0.0062    0.0276   0.0275   0.0275   0.0083      0.0000     0.0083   0.0000        0.1179   0.0000
0.1102   2028   0.0058    0.0060      0.0058    0.0258   0.0257   0.0257   0.0077      0.0000     0.0077   0.0000        0.1102   0.0000
0.1011   2029   0.0054    0.0055      0.0054    0.0237   0.0236   0.0236   0.0071      0.0000     0.0071   0.0000        0.1011   0.0000
0.0937   2030   0.0050    0.0051      0.0050    0.0219   0.0218   0.0218   0.0066      0.0000     0.0066   0.0000        0.0937   0.0000
0.0885   2031   0.0047    0.0048      0.0047    0.0207   0.0206   0.0206   0.0062      0.0000     0.0062   0.0000        0.0885   0.0000
0.0861   2032   0.0046    0.0046      0.0046    0.0201   0.0201   0.0201   0.0060      0.0000     0.0060   0.0000        0.0861   0.0000
0.0864   2033   0.0046    0.0047      0.0046    0.0202   0.0201   0.0201   0.0061      0.0000     0.0061   0.0000        0.0864   0.0000
0.0893   2034   0.0047    0.0048      0.0047    0.0209   0.0208   0.0208   0.0063      0.0000     0.0063   0.0000        0.0893   0.0000
0.0929   2035   0.0049    0.0050      0.0049    0.0217   0.0217   0.0217   0.0065      0.0000     0.0065   0.0000        0.0929   0.0000
0.0967   2036   0.0051    0.0052      0.0051    0.0226   0.0225   0.0225   0.0068      0.0000     0.0068   0.0000        0.0967   0.0000
0.1001   2037   0.0053    0.0054      0.0053    0.0234   0.0233   0.0233   0.0070      0.0000     0.0070   0.0000        0.1001   0.0000
0.1029   2038   0.0055    0.0056      0.0055    0.0241   0.0240   0.0240   0.0072      0.0000     0.0072   0.0000        0.1029   0.0000
3.8868                                                                                                                   3.8868
                                                                                                                    OK

                         Shipment Projections                                       Product Mix
                                                                                    Oil boilers
                                   Oil boilers NES      MFR REVISED                       80%      5.3%
                              80   TSL 1          0.00%    0.00%                          81%      5.4%
                              84   TSL2           0.00%    0.00%                          82%      5.3%
                              84   TSL3           0.00%    0.00%                          83%     23.4%
                              84   TSL4           0.00%    0.00%                          84%     23.3%
                              95   TSL 5          0.00% -20.00%                           85%     23.3%
                                                                                          86%      7.0%
                                                                                          87%      0.0%
90%   7.0%
95%     0%
   14       15       16       17       18       19       20       21       22      23       24       25       26       27

  81%      81%      81%      81%      81%      81%      81%      81%      81%     81%      82%      82%      82%      82%
  81%      82%      83%      84%      85%      86%      87%      90%      95%    Total     80%      81%      82%      83%
0.0080   0.0078   0.0345   0.0344   0.0344   0.0103   0.0000   0.0103   0.0000   0.148   0.0078   0.0080   0.0078   0.0345
0.0050   0.0049   0.0217   0.0216   0.0216   0.0065   0.0000   0.0065   0.0000   0.093   0.0049   0.0050   0.0049   0.0217
0.0046   0.0045   0.0198   0.0197   0.0197   0.0059   0.0000   0.0059   0.0000   0.084   0.0045   0.0046   0.0045   0.0198
0.0043   0.0043   0.0188   0.0187   0.0187   0.0056   0.0000   0.0056   0.0000   0.080   0.0043   0.0043   0.0043   0.0188
0.0044   0.0043   0.0190   0.0189   0.0189   0.0057   0.0000   0.0057   0.0000   0.081   0.0043   0.0044   0.0043   0.0190
0.0046   0.0045   0.0198   0.0197   0.0197   0.0059   0.0000   0.0059   0.0000   0.085   0.0045   0.0046   0.0045   0.0198
0.0049   0.0048   0.0213   0.0212   0.0212   0.0064   0.0000   0.0064   0.0000   0.091   0.0048   0.0049   0.0048   0.0213
0.0054   0.0053   0.0232   0.0231   0.0231   0.0069   0.0000   0.0069   0.0000   0.099   0.0053   0.0054   0.0053   0.0232
0.0058   0.0057   0.0251   0.0250   0.0250   0.0075   0.0000   0.0075   0.0000   0.107   0.0057   0.0058   0.0057   0.0251
0.0061   0.0060   0.0264   0.0263   0.0263   0.0079   0.0000   0.0079   0.0000   0.113   0.0060   0.0061   0.0060   0.0264
0.0063   0.0062   0.0275   0.0273   0.0273   0.0082   0.0000   0.0082   0.0000   0.117   0.0062   0.0063   0.0062   0.0275
0.0064   0.0063   0.0279   0.0278   0.0278   0.0084   0.0000   0.0084   0.0000   0.119   0.0063   0.0064   0.0063   0.0279
0.0128   0.0063   0.0280   0.0278   0.0278   0.0084   0.0000   0.0084   0.0000   0.1195   0.0000   0.0000   0.0191   0.0280
0.0128   0.0063   0.0279   0.0278   0.0278   0.0084   0.0000   0.0084   0.0000   0.1194   0.0000   0.0000   0.0191   0.0279
0.0129   0.0064   0.0283   0.0282   0.0282   0.0085   0.0000   0.0085   0.0000   0.1209   0.0000   0.0000   0.0193   0.0283
0.0131   0.0065   0.0287   0.0286   0.0286   0.0086   0.0000   0.0086   0.0000   0.1228   0.0000   0.0000   0.0196   0.0287
0.0134   0.0067   0.0294   0.0293   0.0293   0.0088   0.0000   0.0088   0.0000   0.1256   0.0000   0.0000   0.0201   0.0294
0.0137   0.0068   0.0299   0.0297   0.0297   0.0089   0.0000   0.0089   0.0000   0.1276   0.0000   0.0000   0.0204   0.0299
0.0138   0.0068   0.0302   0.0300   0.0300   0.0090   0.0000   0.0090   0.0000   0.1289   0.0000   0.0000   0.0206   0.0302
0.0138   0.0069   0.0303   0.0301   0.0301   0.0091   0.0000   0.0091   0.0000   0.1293   0.0000   0.0000   0.0207   0.0303
0.0138   0.0069   0.0303   0.0302   0.0302   0.0091   0.0000   0.0091   0.0000   0.1294   0.0000   0.0000   0.0207   0.0303
0.0138   0.0068   0.0302   0.0300   0.0300   0.0090   0.0000   0.0090   0.0000   0.1290   0.0000   0.0000   0.0206   0.0302
0.0136   0.0067   0.0298   0.0296   0.0296   0.0089   0.0000   0.0089   0.0000   0.1271   0.0000   0.0000   0.0203   0.0298
0.0132   0.0065   0.0289   0.0288   0.0288   0.0086   0.0000   0.0086   0.0000   0.1235   0.0000   0.0000   0.0198   0.0289
0.0126   0.0062   0.0276   0.0275   0.0275   0.0083   0.0000   0.0083   0.0000   0.1179   0.0000   0.0000   0.0189   0.0276
0.0118   0.0058   0.0258   0.0257   0.0257   0.0077   0.0000   0.0077   0.0000   0.1102   0.0000   0.0000   0.0176   0.0258
0.0108   0.0054   0.0237   0.0236   0.0236   0.0071   0.0000   0.0071   0.0000   0.1011   0.0000   0.0000   0.0162   0.0237
0.0100   0.0050   0.0219   0.0218   0.0218   0.0066   0.0000   0.0066   0.0000   0.0937   0.0000   0.0000   0.0150   0.0219
0.0095   0.0047   0.0207   0.0206   0.0206   0.0062   0.0000   0.0062   0.0000   0.0885   0.0000   0.0000   0.0142   0.0207
0.0092   0.0046   0.0201   0.0201   0.0201   0.0060   0.0000   0.0060   0.0000   0.0861   0.0000   0.0000   0.0138   0.0201
0.0092   0.0046   0.0202   0.0201   0.0201   0.0061   0.0000   0.0061   0.0000   0.0864   0.0000   0.0000   0.0138   0.0202
0.0096   0.0047   0.0209   0.0208   0.0208   0.0063   0.0000   0.0063   0.0000   0.0893   0.0000   0.0000   0.0143   0.0209
0.0099   0.0049   0.0217   0.0217   0.0217   0.0065   0.0000   0.0065   0.0000   0.0929   0.0000   0.0000   0.0149   0.0217
0.0104   0.0051   0.0226   0.0225   0.0225   0.0068   0.0000   0.0068   0.0000   0.0967   0.0000   0.0000   0.0155   0.0226
0.0107   0.0053   0.0234   0.0233   0.0233   0.0070   0.0000   0.0070   0.0000   0.1001   0.0000   0.0000   0.0160   0.0234
0.0110   0.0055   0.0241   0.0240   0.0240   0.0072   0.0000   0.0072   0.0000   0.1029   0.0000   0.0000   0.0165   0.0241
                                                                                 3.8868
   28       29       30       31       32       33      34       35       36       37       38       39       40       41

  82%      82%      82%      82%      82%      82%     82%      83%      83%      83%      83%      83%      83%      83%
  84%      85%      86%      87%      90%      95%    Total     80%      81%      82%      83%      84%      85%      86%
0.0344   0.0344   0.0103   0.0000   0.0103   0.0000   0.148   0.0078   0.0080   0.0078   0.0345   0.0344   0.0344   0.0103
0.0216   0.0216   0.0065   0.0000   0.0065   0.0000   0.093   0.0049   0.0050   0.0049   0.0217   0.0216   0.0216   0.0065
0.0197   0.0197   0.0059   0.0000   0.0059   0.0000   0.084   0.0045   0.0046   0.0045   0.0198   0.0197   0.0197   0.0059
0.0187   0.0187   0.0056   0.0000   0.0056   0.0000   0.080   0.0043   0.0043   0.0043   0.0188   0.0187   0.0187   0.0056
0.0189   0.0189   0.0057   0.0000   0.0057   0.0000   0.081   0.0043   0.0044   0.0043   0.0190   0.0189   0.0189   0.0057
0.0197   0.0197   0.0059   0.0000   0.0059   0.0000   0.085   0.0045   0.0046   0.0045   0.0198   0.0197   0.0197   0.0059
0.0212   0.0212   0.0064   0.0000   0.0064   0.0000   0.091   0.0048   0.0049   0.0048   0.0213   0.0212   0.0212   0.0064
0.0231   0.0231   0.0069   0.0000   0.0069   0.0000   0.099   0.0053   0.0054   0.0053   0.0232   0.0231   0.0231   0.0069
0.0250   0.0250   0.0075   0.0000   0.0075   0.0000   0.107   0.0057   0.0058   0.0057   0.0251   0.0250   0.0250   0.0075
0.0263   0.0263   0.0079   0.0000   0.0079   0.0000   0.113   0.0060   0.0061   0.0060   0.0264   0.0263   0.0263   0.0079
0.0273   0.0273   0.0082   0.0000   0.0082   0.0000   0.117   0.0062   0.0063   0.0062   0.0275   0.0273   0.0273   0.0082
0.0278   0.0278   0.0084   0.0000   0.0084   0.0000   0.119   0.0063   0.0064   0.0063   0.0279   0.0278   0.0278   0.0084
0.0278   0.0278   0.0084   0.0000   0.0084   0.0000   0.1195   0.0000   0.0000   0.0000   0.0471   0.0278   0.0278   0.0084
0.0278   0.0278   0.0084   0.0000   0.0084   0.0000   0.1194   0.0000   0.0000   0.0000   0.0470   0.0278   0.0278   0.0084
0.0282   0.0282   0.0085   0.0000   0.0085   0.0000   0.1209   0.0000   0.0000   0.0000   0.0476   0.0282   0.0282   0.0085
0.0286   0.0286   0.0086   0.0000   0.0086   0.0000   0.1228   0.0000   0.0000   0.0000   0.0484   0.0286   0.0286   0.0086
0.0293   0.0293   0.0088   0.0000   0.0088   0.0000   0.1256   0.0000   0.0000   0.0000   0.0495   0.0293   0.0293   0.0088
0.0297   0.0297   0.0089   0.0000   0.0089   0.0000   0.1276   0.0000   0.0000   0.0000   0.0503   0.0297   0.0297   0.0089
0.0300   0.0300   0.0090   0.0000   0.0090   0.0000   0.1289   0.0000   0.0000   0.0000   0.0508   0.0300   0.0300   0.0090
0.0301   0.0301   0.0091   0.0000   0.0091   0.0000   0.1293   0.0000   0.0000   0.0000   0.0510   0.0301   0.0301   0.0091
0.0302   0.0302   0.0091   0.0000   0.0091   0.0000   0.1294   0.0000   0.0000   0.0000   0.0510   0.0302   0.0302   0.0091
0.0300   0.0300   0.0090   0.0000   0.0090   0.0000   0.1290   0.0000   0.0000   0.0000   0.0508   0.0300   0.0300   0.0090
0.0296   0.0296   0.0089   0.0000   0.0089   0.0000   0.1271   0.0000   0.0000   0.0000   0.0501   0.0296   0.0296   0.0089
0.0288   0.0288   0.0086   0.0000   0.0086   0.0000   0.1235   0.0000   0.0000   0.0000   0.0487   0.0288   0.0288   0.0086
0.0275   0.0275   0.0083   0.0000   0.0083   0.0000   0.1179   0.0000   0.0000   0.0000   0.0464   0.0275   0.0275   0.0083
0.0257   0.0257   0.0077   0.0000   0.0077   0.0000   0.1102   0.0000   0.0000   0.0000   0.0434   0.0257   0.0257   0.0077
0.0236   0.0236   0.0071   0.0000   0.0071   0.0000   0.1011   0.0000   0.0000   0.0000   0.0398   0.0236   0.0236   0.0071
0.0218   0.0218   0.0066   0.0000   0.0066   0.0000   0.0937   0.0000   0.0000   0.0000   0.0369   0.0218   0.0218   0.0066
0.0206   0.0206   0.0062   0.0000   0.0062   0.0000   0.0885   0.0000   0.0000   0.0000   0.0349   0.0206   0.0206   0.0062
0.0201   0.0201   0.0060   0.0000   0.0060   0.0000   0.0861   0.0000   0.0000   0.0000   0.0339   0.0201   0.0201   0.0060
0.0201   0.0201   0.0061   0.0000   0.0061   0.0000   0.0864   0.0000   0.0000   0.0000   0.0341   0.0201   0.0201   0.0061
0.0208   0.0208   0.0063   0.0000   0.0063   0.0000   0.0893   0.0000   0.0000   0.0000   0.0352   0.0208   0.0208   0.0063
0.0217   0.0217   0.0065   0.0000   0.0065   0.0000   0.0929   0.0000   0.0000   0.0000   0.0366   0.0217   0.0217   0.0065
0.0225   0.0225   0.0068   0.0000   0.0068   0.0000   0.0967   0.0000   0.0000   0.0000   0.0381   0.0225   0.0225   0.0068
0.0233   0.0233   0.0070   0.0000   0.0070   0.0000   0.1001   0.0000   0.0000   0.0000   0.0394   0.0233   0.0233   0.0070
0.0240   0.0240   0.0072   0.0000   0.0072   0.0000   0.1029   0.0000   0.0000   0.0000   0.0405   0.0240   0.0240   0.0072
                                                      3.8868
   42       43       44      45      46      47      48      49      50      51      52      53      54      55

  83%      83%      83%     83%     84%     84%     84%     84%     84%     84%     84%     84%     84%     84%
  87%      90%      95%    Total    80%     81%     82%     83%     84%     85%     86%     87%     90%     95%
0.0000   0.0103   0.0000   0.148   0.008   0.008   0.008   0.035   0.034   0.034   0.010   0.000   0.010   0.000
0.0000   0.0065   0.0000   0.093   0.005   0.005   0.005   0.022   0.022   0.022   0.006   0.000   0.006   0.000
0.0000   0.0059   0.0000   0.084   0.004   0.005   0.004   0.020   0.020   0.020   0.006   0.000   0.006   0.000
0.0000   0.0056   0.0000   0.080   0.004   0.004   0.004   0.019   0.019   0.019   0.006   0.000   0.006   0.000
0.0000   0.0057   0.0000   0.081   0.004   0.004   0.004   0.019   0.019   0.019   0.006   0.000   0.006   0.000
0.0000   0.0059   0.0000   0.085   0.004   0.005   0.004   0.020   0.020   0.020   0.006   0.000   0.006   0.000
0.0000   0.0064   0.0000   0.091   0.005   0.005   0.005   0.021   0.021   0.021   0.006   0.000   0.006   0.000
0.0000   0.0069   0.0000   0.099   0.005   0.005   0.005   0.023   0.023   0.023   0.007   0.000   0.007   0.000
0.0000   0.0075   0.0000   0.107   0.006   0.006   0.006   0.025   0.025   0.025   0.008   0.000   0.008   0.000
0.0000   0.0079   0.0000   0.113   0.006   0.006   0.006   0.026   0.026   0.026   0.008   0.000   0.008   0.000
0.0000   0.0082   0.0000   0.117   0.006   0.006   0.006   0.027   0.027   0.027   0.008   0.000   0.008   0.000
0.0000   0.0084   0.0000   0.119   0.006   0.006   0.006   0.028   0.028   0.028   0.008   0.000   0.008   0.000
0.0000   0.0084   0.0000   0.1195   0.000   0.000   0.000   0.000   0.075   0.028   0.008   0.000   0.008   0.000
0.0000   0.0084   0.0000   0.1194   0.000   0.000   0.000   0.000   0.075   0.028   0.008   0.000   0.008   0.000
0.0000   0.0085   0.0000   0.1209   0.000   0.000   0.000   0.000   0.076   0.028   0.008   0.000   0.008   0.000
0.0000   0.0086   0.0000   0.1228   0.000   0.000   0.000   0.000   0.077   0.029   0.009   0.000   0.009   0.000
0.0000   0.0088   0.0000   0.1256   0.000   0.000   0.000   0.000   0.079   0.029   0.009   0.000   0.009   0.000
0.0000   0.0089   0.0000   0.1276   0.000   0.000   0.000   0.000   0.080   0.030   0.009   0.000   0.009   0.000
0.0000   0.0090   0.0000   0.1289   0.000   0.000   0.000   0.000   0.081   0.030   0.009   0.000   0.009   0.000
0.0000   0.0091   0.0000   0.1293   0.000   0.000   0.000   0.000   0.081   0.030   0.009   0.000   0.009   0.000
0.0000   0.0091   0.0000   0.1294   0.000   0.000   0.000   0.000   0.081   0.030   0.009   0.000   0.009   0.000
0.0000   0.0090   0.0000   0.1290   0.000   0.000   0.000   0.000   0.081   0.030   0.009   0.000   0.009   0.000
0.0000   0.0089   0.0000   0.1271   0.000   0.000   0.000   0.000   0.080   0.030   0.009   0.000   0.009   0.000
0.0000   0.0086   0.0000   0.1235   0.000   0.000   0.000   0.000   0.077   0.029   0.009   0.000   0.009   0.000
0.0000   0.0083   0.0000   0.1179   0.000   0.000   0.000   0.000   0.074   0.027   0.008   0.000   0.008   0.000
0.0000   0.0077   0.0000   0.1102   0.000   0.000   0.000   0.000   0.069   0.026   0.008   0.000   0.008   0.000
0.0000   0.0071   0.0000   0.1011   0.000   0.000   0.000   0.000   0.063   0.024   0.007   0.000   0.007   0.000
0.0000   0.0066   0.0000   0.0937   0.000   0.000   0.000   0.000   0.059   0.022   0.007   0.000   0.007   0.000
0.0000   0.0062   0.0000   0.0885   0.000   0.000   0.000   0.000   0.055   0.021   0.006   0.000   0.006   0.000
0.0000   0.0060   0.0000   0.0861   0.000   0.000   0.000   0.000   0.054   0.020   0.006   0.000   0.006   0.000
0.0000   0.0061   0.0000   0.0864   0.000   0.000   0.000   0.000   0.054   0.020   0.006   0.000   0.006   0.000
0.0000   0.0063   0.0000   0.0893   0.000   0.000   0.000   0.000   0.056   0.021   0.006   0.000   0.006   0.000
0.0000   0.0065   0.0000   0.0929   0.000   0.000   0.000   0.000   0.058   0.022   0.007   0.000   0.007   0.000
0.0000   0.0068   0.0000   0.0967   0.000   0.000   0.000   0.000   0.061   0.023   0.007   0.000   0.007   0.000
0.0000   0.0070   0.0000   0.1001   0.000   0.000   0.000   0.000   0.063   0.023   0.007   0.000   0.007   0.000
0.0000   0.0072   0.0000   0.1029   0.000   0.000   0.000   0.000   0.065   0.024   0.007   0.000   0.007   0.000
                           3.8868
  56      57      58      59      60      61      62      63      64      65      66      67      68      69

 84%     85%     85%     85%     85%     85%     85%     85%     85%     85%     85%     85%     86%     86%
Total    80%     81%     82%     83%     84%     85%     86%     87%     90%     95%    Total    80%     81%
0.148   0.008   0.008   0.008   0.035   0.034   0.034   0.010   0.000   0.010   0.000   0.148   0.008   0.008
0.093   0.005   0.005   0.005   0.022   0.022   0.022   0.006   0.000   0.006   0.000   0.093   0.005   0.005
0.084   0.004   0.005   0.004   0.020   0.020   0.020   0.006   0.000   0.006   0.000   0.084   0.004   0.005
0.080   0.004   0.004   0.004   0.019   0.019   0.019   0.006   0.000   0.006   0.000   0.080   0.004   0.004
0.081   0.004   0.004   0.004   0.019   0.019   0.019   0.006   0.000   0.006   0.000   0.081   0.004   0.004
0.085   0.004   0.005   0.004   0.020   0.020   0.020   0.006   0.000   0.006   0.000   0.085   0.004   0.005
0.091   0.005   0.005   0.005   0.021   0.021   0.021   0.006   0.000   0.006   0.000   0.091   0.005   0.005
0.099   0.005   0.005   0.005   0.023   0.023   0.023   0.007   0.000   0.007   0.000   0.099   0.005   0.005
0.107   0.006   0.006   0.006   0.025   0.025   0.025   0.008   0.000   0.008   0.000   0.107   0.006   0.006
0.113   0.006   0.006   0.006   0.026   0.026   0.026   0.008   0.000   0.008   0.000   0.113   0.006   0.006
0.117   0.006   0.006   0.006   0.027   0.027   0.027   0.008   0.000   0.008   0.000   0.117   0.006   0.006
0.119   0.006   0.006   0.006   0.028   0.028   0.028   0.008   0.000   0.008   0.000   0.119   0.006   0.006
0.1195   0.000   0.000   0.000   0.000   0.000   0.103   0.008   0.000   0.008   0.000   0.1195   0.0000   0.0000
0.1194   0.000   0.000   0.000   0.000   0.000   0.103   0.008   0.000   0.008   0.000   0.1194    0.000    0.000
0.1209   0.000   0.000   0.000   0.000   0.000   0.104   0.008   0.000   0.008   0.000   0.1209    0.000    0.000
0.1228   0.000   0.000   0.000   0.000   0.000   0.106   0.009   0.000   0.009   0.000   0.1228    0.000    0.000
0.1256   0.000   0.000   0.000   0.000   0.000   0.108   0.009   0.000   0.009   0.000   0.1256    0.000    0.000
0.1276   0.000   0.000   0.000   0.000   0.000   0.110   0.009   0.000   0.009   0.000   0.1276    0.000    0.000
0.1289   0.000   0.000   0.000   0.000   0.000   0.111   0.009   0.000   0.009   0.000   0.1289    0.000    0.000
0.1293   0.000   0.000   0.000   0.000   0.000   0.111   0.009   0.000   0.009   0.000   0.1293    0.000    0.000
0.1294   0.000   0.000   0.000   0.000   0.000   0.111   0.009   0.000   0.009   0.000   0.1294    0.000    0.000
0.1290   0.000   0.000   0.000   0.000   0.000   0.111   0.009   0.000   0.009   0.000   0.1290    0.000    0.000
0.1271   0.000   0.000   0.000   0.000   0.000   0.109   0.009   0.000   0.009   0.000   0.1271    0.000    0.000
0.1235   0.000   0.000   0.000   0.000   0.000   0.106   0.009   0.000   0.009   0.000   0.1235    0.000    0.000
0.1179   0.000   0.000   0.000   0.000   0.000   0.101   0.008   0.000   0.008   0.000   0.1179    0.000    0.000
0.1102   0.000   0.000   0.000   0.000   0.000   0.095   0.008   0.000   0.008   0.000   0.1102    0.000    0.000
0.1011   0.000   0.000   0.000   0.000   0.000   0.087   0.007   0.000   0.007   0.000   0.1011    0.000    0.000
0.0937   0.000   0.000   0.000   0.000   0.000   0.081   0.007   0.000   0.007   0.000   0.0937    0.000    0.000
0.0885   0.000   0.000   0.000   0.000   0.000   0.076   0.006   0.000   0.006   0.000   0.0885    0.000    0.000
0.0861   0.000   0.000   0.000   0.000   0.000   0.074   0.006   0.000   0.006   0.000   0.0861    0.000    0.000
0.0864   0.000   0.000   0.000   0.000   0.000   0.074   0.006   0.000   0.006   0.000   0.0864    0.000    0.000
0.0893   0.000   0.000   0.000   0.000   0.000   0.077   0.006   0.000   0.006   0.000   0.0893    0.000    0.000
0.0929   0.000   0.000   0.000   0.000   0.000   0.080   0.007   0.000   0.007   0.000   0.0929    0.000    0.000
0.0967   0.000   0.000   0.000   0.000   0.000   0.083   0.007   0.000   0.007   0.000   0.0967    0.000    0.000
0.1001   0.000   0.000   0.000   0.000   0.000   0.086   0.007   0.000   0.007   0.000   0.1001    0.000    0.000
0.1029   0.000   0.000   0.000   0.000   0.000   0.089   0.007   0.000   0.007   0.000   0.1029    0.000    0.000
3.8868                                                                                   3.8868
  70      71      72      73      74      75      76      77      78      79      80      81      82      83

 86%     86%     86%     86%     86%     86%     86%     86%     86%     87%     87%     87%     87%     87%
 82%     83%     84%     85%     86%     87%     90%     95%    Total    80%     81%     82%     83%     84%
0.008   0.035   0.034   0.034   0.010   0.000   0.010   0.000   0.148   0.008   0.008   0.008   0.035   0.034
0.005   0.022   0.022   0.022   0.006   0.000   0.006   0.000   0.093   0.005   0.005   0.005   0.022   0.022
0.004   0.020   0.020   0.020   0.006   0.000   0.006   0.000   0.084   0.004   0.005   0.004   0.020   0.020
0.004   0.019   0.019   0.019   0.006   0.000   0.006   0.000   0.080   0.004   0.004   0.004   0.019   0.019
0.004   0.019   0.019   0.019   0.006   0.000   0.006   0.000   0.081   0.004   0.004   0.004   0.019   0.019
0.004   0.020   0.020   0.020   0.006   0.000   0.006   0.000   0.085   0.004   0.005   0.004   0.020   0.020
0.005   0.021   0.021   0.021   0.006   0.000   0.006   0.000   0.091   0.005   0.005   0.005   0.021   0.021
0.005   0.023   0.023   0.023   0.007   0.000   0.007   0.000   0.099   0.005   0.005   0.005   0.023   0.023
0.006   0.025   0.025   0.025   0.008   0.000   0.008   0.000   0.107   0.006   0.006   0.006   0.025   0.025
0.006   0.026   0.026   0.026   0.008   0.000   0.008   0.000   0.113   0.006   0.006   0.006   0.026   0.026
0.006   0.027   0.027   0.027   0.008   0.000   0.008   0.000   0.117   0.006   0.006   0.006   0.027   0.027
0.006   0.028   0.028   0.028   0.008   0.000   0.008   0.000   0.119   0.006   0.006   0.006   0.028   0.028
0.0000   0.0000   0.0000   0.0000   0.1111   0.0000   0.0084   0.0000   0.1195   0.0000   0.0000   0.0000   0.0000   0.0000
 0.000    0.000    0.000    0.000    0.111    0.000    0.008    0.000   0.1194    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.112    0.000    0.008    0.000   0.1209    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.114    0.000    0.009    0.000   0.1228    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.117    0.000    0.009    0.000   0.1256    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.119    0.000    0.009    0.000   0.1276    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.120    0.000    0.009    0.000   0.1289    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.120    0.000    0.009    0.000   0.1293    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.120    0.000    0.009    0.000   0.1294    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.120    0.000    0.009    0.000   0.1290    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.118    0.000    0.009    0.000   0.1271    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.115    0.000    0.009    0.000   0.1235    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.110    0.000    0.008    0.000   0.1179    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.102    0.000    0.008    0.000   0.1102    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.094    0.000    0.007    0.000   0.1011    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.087    0.000    0.007    0.000   0.0937    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.082    0.000    0.006    0.000   0.0885    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.080    0.000    0.006    0.000   0.0861    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.080    0.000    0.006    0.000   0.0864    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.083    0.000    0.006    0.000   0.0893    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.086    0.000    0.007    0.000   0.0929    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.090    0.000    0.007    0.000   0.0967    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.093    0.000    0.007    0.000   0.1001    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.000    0.000    0.096    0.000    0.007    0.000   0.1029    0.000    0.000    0.000    0.000    0.000
                                                                        3.8868
  84      85      86      87      88      89      90      91      92      93      94      95      96      97

 87%     87%     87%     87%     87%     87%     90%     90%     90%     90%     90%     90%     90%     90%
 85%     86%     87%     90%     95%    Total    80%     81%     82%     83%     84%     85%     86%     87%
0.034   0.010   0.000   0.010   0.000   0.148   0.008   0.008   0.008   0.035   0.034   0.034   0.010   0.000
0.022   0.006   0.000   0.006   0.000   0.093   0.005   0.005   0.005   0.022   0.022   0.022   0.006   0.000
0.020   0.006   0.000   0.006   0.000   0.084   0.004   0.005   0.004   0.020   0.020   0.020   0.006   0.000
0.019   0.006   0.000   0.006   0.000   0.080   0.004   0.004   0.004   0.019   0.019   0.019   0.006   0.000
0.019   0.006   0.000   0.006   0.000   0.081   0.004   0.004   0.004   0.019   0.019   0.019   0.006   0.000
0.020   0.006   0.000   0.006   0.000   0.085   0.004   0.005   0.004   0.020   0.020   0.020   0.006   0.000
0.021   0.006   0.000   0.006   0.000   0.091   0.005   0.005   0.005   0.021   0.021   0.021   0.006   0.000
0.023   0.007   0.000   0.007   0.000   0.099   0.005   0.005   0.005   0.023   0.023   0.023   0.007   0.000
0.025   0.008   0.000   0.008   0.000   0.107   0.006   0.006   0.006   0.025   0.025   0.025   0.008   0.000
0.026   0.008   0.000   0.008   0.000   0.113   0.006   0.006   0.006   0.026   0.026   0.026   0.008   0.000
0.027   0.008   0.000   0.008   0.000   0.117   0.006   0.006   0.006   0.027   0.027   0.027   0.008   0.000
0.028   0.008   0.000   0.008   0.000   0.119   0.006   0.006   0.006   0.028   0.028   0.028   0.008   0.000
0.0000   0.0000   0.1111   0.0084   0.0000   0.1195   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000
 0.000    0.000    0.111    0.008    0.000   0.1194    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.112    0.008    0.000   0.1209    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.114    0.009    0.000   0.1228    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.117    0.009    0.000   0.1256    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.119    0.009    0.000   0.1276    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.120    0.009    0.000   0.1289    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.120    0.009    0.000   0.1293    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.120    0.009    0.000   0.1294    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.120    0.009    0.000   0.1290    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.118    0.009    0.000   0.1271    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.115    0.009    0.000   0.1235    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.110    0.008    0.000   0.1179    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.102    0.008    0.000   0.1102    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.094    0.007    0.000   0.1011    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.087    0.007    0.000   0.0937    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.082    0.006    0.000   0.0885    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.080    0.006    0.000   0.0861    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.080    0.006    0.000   0.0864    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.083    0.006    0.000   0.0893    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.086    0.007    0.000   0.0929    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.090    0.007    0.000   0.0967    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.093    0.007    0.000   0.1001    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
 0.000    0.000    0.096    0.007    0.000   0.1029    0.000    0.000    0.000    0.000    0.000    0.000    0.000    0.000
                                             3.8868
  98      99     100     101     102     103     104     105     106     107     108     109     110     111

 90%     90%     90%     95%     95%     95%     95%     95%     95%     95%     95%     95%     95%    95%
 90%     95%    Total    80%     81%     82%     83%     84%     85%     86%     87%     90%     95%    Total
0.010   0.000   0.148   0.008   0.008   0.008   0.035   0.034   0.034   0.010   0.000   0.010   0.000   0.15
0.006   0.000   0.093   0.005   0.005   0.005   0.022   0.022   0.022   0.006   0.000   0.006   0.000   0.09
0.006   0.000   0.084   0.004   0.005   0.004   0.020   0.020   0.020   0.006   0.000   0.006   0.000   0.08
0.006   0.000   0.080   0.004   0.004   0.004   0.019   0.019   0.019   0.006   0.000   0.006   0.000   0.08
0.006   0.000   0.081   0.004   0.004   0.004   0.019   0.019   0.019   0.006   0.000   0.006   0.000   0.08
0.006   0.000   0.085   0.004   0.005   0.004   0.020   0.020   0.020   0.006   0.000   0.006   0.000   0.08
0.006   0.000   0.091   0.005   0.005   0.005   0.021   0.021   0.021   0.006   0.000   0.006   0.000   0.09
0.007   0.000   0.099   0.005   0.005   0.005   0.023   0.023   0.023   0.007   0.000   0.007   0.000   0.10
0.008   0.000   0.107   0.006   0.006   0.006   0.025   0.025   0.025   0.008   0.000   0.008   0.000   0.11
0.008   0.000   0.113   0.006   0.006   0.006   0.026   0.026   0.026   0.008   0.000   0.008   0.000   0.11
0.008   0.000   0.117   0.006   0.006   0.006   0.027   0.027   0.027   0.008   0.000   0.008   0.000   0.12
0.008   0.000   0.119   0.006   0.006   0.006   0.028   0.028   0.028   0.008   0.000   0.008   0.000   0.12
0.1195   0.0000   0.1195   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0956   0.0956
 0.119    0.000   0.1194   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0955   0.0955
 0.121    0.000   0.1209   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0967   0.0967
 0.123    0.000   0.1228   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0982   0.0982
 0.126    0.000   0.1256   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.1005   0.1005
 0.128    0.000   0.1276   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.1021   0.1021
 0.129    0.000   0.1289   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.1032   0.1032
 0.129    0.000   0.1293   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.1035   0.1035
 0.129    0.000   0.1294   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.1035   0.1035
 0.129    0.000   0.1290   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.1032   0.1032
 0.127    0.000   0.1271   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.1017   0.1017
 0.124    0.000   0.1235   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0988   0.0988
 0.118    0.000   0.1179   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0943   0.0943
 0.110    0.000   0.1102   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0882   0.0882
 0.101    0.000   0.1011   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0809   0.0809
 0.094    0.000   0.0937   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0750   0.0750
 0.088    0.000   0.0885   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0708   0.0708
 0.086    0.000   0.0861   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0689   0.0689
 0.086    0.000   0.0864   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0692   0.0692
 0.089    0.000   0.0893   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0714   0.0714
 0.093    0.000   0.0929   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0744   0.0744
 0.097    0.000   0.0967   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0774   0.0774
 0.100    0.000   0.1001   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0801   0.0801
 0.103    0.000   0.1029   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0000   0.0823   0.0823
                  3.8868                                                                                             3.3530
Prod Hold Factor             0.98
                       Product Conversion Factors
                                            1         2       3      4      5      6
           std yr                         2%         2%      2%     2%     2%     2%
           std yr-1                      98%        44%     39%    44%    44%    44%
           std yr-2                                 54%     34%    35%    35%    35%
           std yr-3                                         25%    17%    17%    17%
           std yr-4                                                 2%     2%     2%
           std yr-5                                                        0%     0%
           std yr-6                                                               0%
           std yr-7
           std yr-8
           std yr-9
           std yr-10
           std yr-11
           std yr-12
           std yr-13
           std yr-14

                       Conversion Expenditure Factors
                                            1           2     3      4      5      6
           std yr                         0%           0%    0%     0%     0%     0%
           std yr-1                    100%           45%   40%    45%    45%    45%
           std yr-2                                   55%   35%    36%    36%    36%
           std yr-3                                         25%    17%    17%    17%
           std yr-4                                                 2%     2%     2%
           std yr-5                                                               0%
           std yr-6
           std yr-7
           std yr-8
           std yr-9
           std yr-10
           std yr-11
           std yr-12
           std yr-13
           std yr-14

                                        100%        100%    100%   100%   100%   100%
  7      8      9      10     11     12     13     14
 2%     2%     2%     2%     2%     2%     2%     2%
44%    44%    44%    44%    44%    44%    44%    44%
35%    35%    35%    35%    35%    35%    35%    35%
17%    17%    17%    17%    17%    17%    17%    17%
 2%     2%     2%     2%     2%     2%     2%     2%
 0%     0%     0%     0%     0%     0%     0%     0%
 0%     0%     0%     0%     0%     0%     0%     0%
 0%     0%     0%     0%     0%     0%     0%     0%
        0%     0%     0%     0%     0%     0%     0%
               0%     0%     0%     0%     0%     0%
                      0%     0%     0%     0%     0%
                             0%     0%     0%     0%
                                    0%     0%     0%
                                           0%     0%
                                                  0%


  7      8      9      10     11     12     13     14
 0%     0%     0%     0%     0%     0%     0%     0%
45%    45%    45%    45%    45%    45%    45%    45%
36%    36%    36%    36%    36%    36%    36%    36%
17%    17%    17%    17%    17%    17%    17%    17%
 2%     2%     2%     2%     2%     2%     2%     2%
 0%     0%     0%     0%     0%     0%     0%     0%
 0%     0%     0%     0%     0%     0%     0%     0%
        0%     0%     0%     0%     0%     0%     0%
               0%     0%     0%     0%     0%     0%
               0%     0%     0%     0%     0%     0%
                      0%     0%     0%     0%     0%
                             0%     0%     0%     0%
                                    0%     0%     0%
                                           0%     0%
                                                  0%

100%   100%   100%   100%   100%   100%   100%   100%
Oil Boilers
                                                                                               Announcement                                                                                                        Standard
                                                    Base Year                                      Year                                                                                                              Year
                                          2003           2004          2005          2006              2007          2008          2009          2010          2011          2012          2013          2014          2015          2016          2017          2018          2019          2020          2021          2022          2023          2024          2025          2026          2027          2028          2029          2030          2031          2032          2033          2034          2035          2036          2037          2038
Oil Boilers
           Income Statement
      80% AFUE
Unit Price                            $    909      $      909 $        909 $         909 $             909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909      $    909              $ 32,713
Unit Sales                                 0.01           0.00          0.00          0.00              0.00          0.00          0.00          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.00          0.00          0.00          0.00          0.00          0.00          0.01          0.01          0.01     0.160
Revenues                              $       7     $        4 $           4 $           4 $               4     $       4     $       4     $       5     $       5     $       5     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       5     $       5     $       5     $       4     $       4     $       4     $       4     $       4     $       5     $       5     $       5
                                                        1.4528              1             2
Cost of Sales
            Labor                     $        0    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0
            Material                  $        4    $         3    $        2    $        2    $            2    $        2    $        2    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        4    $        4    $        4    $        4    $        3    $        3    $        3    $        3    $        3    $        3    $        2    $        2    $        2    $        2    $        3    $        3    $        3    $        3
            Overhead                  $        0    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0
            Freight                   $        0    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0

      81% AFUE
Unit Price                            $    914      $    914       $    914      $    914      $        914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914      $    914              $ 32,902
Unit Sales                                 0.01          0.00           0.00          0.00              0.00          0.00          0.00          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.00          0.00          0.00          0.00          0.01          0.01          0.01          0.01     0.163
Revenues                              $       7     $       5      $       4     $       4     $           4     $       4     $       4     $       5     $       5     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       5     $       5     $       5     $       4     $       4     $       4     $       4     $       5     $       5     $       5     $       5

Cost of Sales
            Labor                     $        0    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0
            Material                  $        4    $         3    $        2    $        2    $            2    $        2    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        4    $        4    $        4    $        4    $        4    $        4    $        3    $        3    $        3    $        3    $        3    $        2    $        2    $        2    $        2    $        3    $        3    $        3    $        3
            Overhead                  $        0    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0
            Freight                   $        0    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0

      82% AFUE
Unit Price                            $    919      $    919       $    919      $    919      $        919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919      $    919              $ 33,091
Unit Sales                                 0.01          0.00           0.00          0.00              0.00          0.00          0.00          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.00          0.00          0.00          0.00          0.00          0.00          0.01          0.01          0.01     0.160
Revenues                              $       7     $       5      $       4     $       4     $           4     $       4     $       4     $       5     $       5     $       5     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       5     $       5     $       5     $       4     $       4     $       4     $       4     $       5     $       5     $       5     $       5

Cost of Sales
            Labor                     $        0    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0
            Material                  $        4    $         3    $        2    $        2    $            2    $        2    $        2    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        3    $        4    $        4    $        4    $        4    $        3    $        3    $        3    $        3    $        3    $        3    $        2    $        2    $        2    $        2    $        3    $        3    $        3    $        3
            Overhead                  $        0    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0
            Freight                   $        0    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0

      83% AFUE
Unit Price                            $    924      $    924       $    924      $    924      $        924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924      $    924              $ 33,280
Unit Sales                                 0.03          0.02           0.02          0.02              0.02          0.02          0.02          0.02          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.02          0.02          0.02          0.02          0.02          0.02          0.02          0.02          0.02          0.02     0.706
Revenues                              $     32      $     20       $     18      $     17      $         18      $     18      $     20      $     21      $     23      $     24      $     25      $     26      $     26      $     26      $     26      $     27      $     27      $     28      $     28      $     28      $     28      $     28      $     28      $     27      $     25      $     24      $     22      $     20      $     19      $     19      $     19      $     19      $     20      $     21      $     22      $     22

Cost of Sales
            Labor                     $      2      $      1       $      1      $      1      $          1      $      1      $      1      $      1      $      1      $      1      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1
            Material                  $     18      $     11       $     10      $     10      $         10      $     10      $     11      $     12      $     13      $     14      $     14      $     14      $     14      $     14      $     15      $     15      $     15      $     15      $     16      $     16      $     16      $     16      $     15      $     15      $     14      $     13      $     12      $     11      $     11      $     10      $     10      $     11      $     11      $     12      $     12      $     12
            Overhead                  $      1      $      1       $      1      $      1      $          1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1
            Freight                   $      1      $      1       $      1      $      1      $          1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1

      84% AFUE
Unit Price                            $    930      $    930       $    930      $    930      $        930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930      $    930              $ 33,469
Unit Sales                                 0.03          0.02           0.02          0.02              0.02          0.02          0.02          0.02          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.02          0.02          0.02          0.02          0.02          0.02          0.02          0.02          0.02          0.02     0.703
Revenues                              $     32      $     20       $     18      $     17      $         18      $     18      $     20      $     22      $     23      $     24      $     25      $     26      $     26      $     26      $     26      $     27      $     27      $     28      $     28      $     28      $     28      $     28      $     28      $     27      $     26      $     24      $     22      $     20      $     19      $     19      $     19      $     19      $     20      $     21      $     22      $     22

Cost of Sales
            Labor                     $      2      $      1       $      1      $      1      $          1      $      1      $      1      $      1      $      1      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1
            Material                  $     18      $     11       $     10      $     10      $         10      $     10      $     11      $     12      $     13      $     14      $     14      $     14      $     14      $     14      $     15      $     15      $     15      $     15      $     16      $     16      $     16      $     16      $     15      $     15      $     14      $     13      $     12      $     11      $     11      $     10      $     10      $     11      $     11      $     12      $     12      $     12
            Overhead                  $      1      $      1       $      1      $      1      $          1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1
            Freight                   $      1      $      1       $      1      $      1      $          1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1

      85% AFUE
Unit Price                            $    940      $    940       $    940      $    940      $        940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940      $    940              $ 33,848
Unit Sales                                 0.03          0.02           0.02          0.02              0.02          0.02          0.02          0.02          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.02          0.02          0.02          0.02          0.02          0.02          0.02          0.02          0.02          0.02     0.703
Revenues                              $     32      $     20       $     19      $     18      $         18      $     19      $     20      $     22      $     24      $     25      $     26      $     26      $     26      $     26      $     26      $     27      $     28      $     28      $     28      $     28      $     28      $     28      $     28      $     27      $     26      $     24      $     22      $     21      $     19      $     19      $     19      $     20      $     20      $     21      $     22      $     23

Cost of Sales
            Labor                     $      2      $      1       $      1      $      1      $          1      $      1      $      1      $      1      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      2      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      2
            Material                  $     18      $     11       $     10      $     10      $         10      $     10      $     11      $     12      $     13      $     14      $     14      $     14      $     14      $     14      $     15      $     15      $     15      $     15      $     16      $     16      $     16      $     16      $     15      $     15      $     14      $     13      $     12      $     11      $     11      $     10      $     10      $     11      $     11      $     12      $     12      $     12
            Overhead                  $      1      $      1       $      1      $      1      $          1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1
            Freight                   $      1      $      1       $      1      $      1      $          1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1      $      1

      86% AFUE
Unit Price                            $    943      $    943       $    943      $    943      $        943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943      $    943              $ 33,951
Unit Sales                                 0.01          0.01           0.01          0.01              0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01     0.211
Revenues                              $     10      $       6      $       6     $       5     $           5     $       6     $       6     $       7     $       7     $       7     $       8     $       8     $       8     $       8     $       8     $       8     $       8     $       8     $       9     $       9     $       9     $       9     $       8     $       8     $       8     $       7     $       7     $       6     $       6     $       6     $       6     $       6     $       6     $       6     $       7     $       7

Cost of Sales
            Labor                     $        1    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0
            Material                  $        5    $         3    $        3    $        3    $            3    $        3    $        3    $        4    $        4    $        4    $        4    $        4    $        4    $        4    $        4    $        4    $        5    $        5    $        5    $        5    $        5    $        5    $        5    $        5    $        4    $        4    $        4    $        3    $        3    $        3    $        3    $        3    $        3    $        4    $        4    $        4
            Overhead                  $        0    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0
            Freight                   $        0    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0

      87% AFUE
Unit Price                            $    950      $     950      $    950      $    950      $        950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950              $ 34,195
Unit Sales                                 -              -             -             -                 -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -        0.000
Revenues                              $    -        $     -        $    -        $    -        $        -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -

Cost of Sales
            Labor                     $    -        $     -        $    -        $    -        $        -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
            Material                  $    -        $     -        $    -        $    -        $        -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
            Overhead                  $    -        $     -        $    -        $    -        $        -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
            Freight                   $    -        $     -        $    -        $    -        $        -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -

      90% AFUE
Unit Price                            $   1,513     $   1,513      $   1,513     $   1,513     $      1,513      $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513             $ 54,464
Unit Sales                                 0.01          0.01           0.01          0.01             0.01           0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01     0.211
Revenues                              $      16     $      10      $       9     $       8     $          9      $       9     $      10     $      11     $      11     $      12     $      12     $      13     $      13     $      13     $      13     $      13     $      13     $      14     $      14     $      14     $      14     $      14     $      13     $      13     $      12     $      12     $      11     $      10     $       9     $       9     $       9     $       9     $      10     $      10     $      11     $      11

Cost of Sales
            Labor                     $        1    $         1    $        0    $        0    $            0    $        0    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        0    $        0    $        1    $        1    $        1    $        1    $        1
            Material                  $        8    $         5    $        5    $        5    $            5    $        5    $        5    $        6    $        6    $        6    $        7    $        7    $        7    $        7    $        7    $        7    $        7    $        7    $        7    $        7    $        7    $        7    $        7    $        7    $        7    $        6    $        6    $        5    $        5    $        5    $        5    $        5    $        5    $        5    $        6    $        6
            Overhead                  $        1    $         0    $        0    $        0    $            0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        1    $        1    $        1    $        1    $        1    $        1    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0
            Freight                   $        1    $         1    $        1    $        1    $            1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1

      95% AFUE
Unit Price                            $   2,103     $   2,103      $   2,103     $   2,103     $      2,103      $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103             $ 75,702
Unit Sales                                  -             -              -             -                -              -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -       0.000
Revenues                              $     -       $     -        $     -       $     -       $        -        $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -

Cost of Sales
            Labor                     $    -        $     -        $    -        $    -        $        -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
            Material                  $    -        $     -        $    -        $    -        $        -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
            Overhead                  $    -        $     -        $    -        $    -        $        -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
            Freight                   $    -        $     -        $    -        $    -        $        -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -

Totals

Unit Sales                                 0.15           0.09          0.08          0.08              0.08          0.08          0.09          0.10          0.11          0.11          0.12          0.12          0.12          0.12          0.12          0.12          0.13          0.13          0.13          0.13          0.13          0.13          0.13          0.12          0.12          0.11          0.10          0.09          0.09          0.09          0.09          0.09          0.09          0.10          0.10          0.10       3.02
Revenues                              $    143 $           90 $          82 $          78 $              79 $          82 $          88 $          96 $         104 $         109 $         114 $         116 $         116 $         116 $         117 $         119 $         122 $         124 $         125 $         125 $         126 $         125 $         123 $         120 $         114 $         107 $          98 $          91 $          86 $          84 $          84 $          87 $          90 $          94 $          97 $         100 $    2,929 $ 3,771

Cost of Sales
            Labor                     $         9   $          6   $         5   $         5   $             5   $         5   $         5   $         6   $         6   $         7   $         7   $         7   $         7   $         7   $         7   $         7   $         8   $         8   $         8   $         8   $         8   $         8   $         8   $         7   $         7   $         7   $         6   $         6   $         5   $         5   $         5   $         5   $         6   $         6   $         6   $         6
            Material                  $        79   $         50   $        45   $        43   $            44   $        45   $        49   $        53   $        58   $        61   $        63   $        64   $        64   $        64   $        65   $        66   $        67   $        69   $        69   $        69   $        69   $        69   $        68   $        66   $        63   $        59   $        54   $        50   $        48   $        46   $        46   $        48   $        50   $        52   $        54   $        55
            Overhead                  $         5   $          3   $         3   $         3   $             3   $         3   $         3   $         3   $         3   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         3   $         3   $         3   $         3   $         3   $         3   $         3   $         3   $         3   $         3
            Freight                   $         7   $          4   $         4   $         4   $             4   $         4   $         4   $         4   $         5   $         5   $         5   $         5   $         5   $         5   $         5   $         5   $         6   $         6   $         6   $         6   $         6   $         6   $         6   $         5   $         5   $         5   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         5

             Average Price per Unit   $    970      $    970       $    970      $    970      $        970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970      $    970
Oil Boilers
                                                                              Announcem
                                            Base Year                          ent Year
                                    2003        2004        2005       2006       2007        2008
NWGF
                                  0.05131           1
           Income Statement                        67
      80% AFUE
Unit Price                    $      909    $     909   $    909   $    909   $    909    $    909
Unit Sales                          0.01         0.00       0.00       0.00       0.00        0.00
Revenues                      $        7    $       4   $      4   $      4   $      4    $      4

Cost of Sales
             Labor            $        0    $      0    $     0    $     0    $      0    $     0
             Material         $        4    $      3    $     2    $     2    $      2    $     2
             Overhead         $        0    $      0    $     0    $     0    $      0    $     0
           Freight            $        0    $      0    $     0    $     0    $      0    $     0

      81% AFUE
Unit Price                    $      914    $     914   $    914   $    914   $    914    $    914
Unit Sales                          0.01         0.00       0.00       0.00       0.00        0.00
Revenues                      $        7    $       5   $      4   $      4   $      4    $      4

Cost of Sales
             Labor            $        0    $      0    $     0    $     0    $      0    $     0
             Material         $        4    $      3    $     2    $     2    $      2    $     2
             Overhead         $        0    $      0    $     0    $     0    $      0    $     0
             Freight          $        0    $      0    $     0    $     0    $      0    $     0

      82% AFUE
Unit Price                    $      919    $     919   $    919   $    919   $    919    $    919
Unit Sales                          0.01         0.00       0.00       0.00       0.00        0.00
Revenues                      $        7    $       5   $      4   $      4   $      4    $      4

Cost of Sales
             Labor            $        0    $      0    $     0    $     0    $      0    $     0
             Material         $        4    $      3    $     2    $     2    $      2    $     2
             Overhead         $        0    $      0    $     0    $     0    $      0    $     0
             Freight          $        0    $      0    $     0    $     0    $      0    $     0

      83% AFUE
Unit Price                    $      924    $     924   $    924   $    924   $    924    $    924
Unit Sales                          0.03         0.02       0.02       0.02       0.02        0.02
Revenues                      $       32    $      20   $     18   $     17   $     18    $     18

Cost of Sales
             Labor            $        2    $      1    $     1    $     1    $      1    $     1
             Material         $       18    $     11    $    10    $    10    $     10    $    10
             Overhead         $        1    $      1    $     1    $     1    $      1    $     1
             Freight          $        1    $      1    $     1    $     1    $      1    $     1
      84% AFUE
Unit Price              $     930     $     930     $     930     $     930     $     930     $     930
Unit Sales                   0.03          0.02          0.02          0.02          0.02          0.02
Revenues                $      32     $      20     $      18     $      17     $      18     $      18

Cost of Sales
             Labor      $         2   $         1   $         1   $         1   $         1   $         1
             Material   $        18   $        11   $        10   $        10   $        10   $        10
             Overhead   $         1   $         1   $         1   $         1   $         1   $         1
             Freight    $         1   $         1   $         1   $         1   $         1   $         1

      85% AFUE
Unit Price              $     940     $     940     $     940     $     940     $     940     $     940
Unit Sales                   0.03          0.02          0.02          0.02          0.02          0.02
Revenues                $      32     $      20     $      19     $      18     $      18     $      19

Cost of Sales
             Labor      $         2   $         1   $         1   $         1   $         1   $         1
             Material   $        18   $        11   $        10   $        10   $        10   $        10
             Overhead   $         1   $         1   $         1   $         1   $         1   $         1
             Freight    $         1   $         1   $         1   $         1   $         1   $         1

      86% AFUE
Unit Price              $     943     $     943     $     943     $     943     $     943     $     943
Unit Sales                   0.01          0.01          0.01          0.01          0.01          0.01
Revenues                $      10     $       6     $       6     $       5     $       5     $       6

Cost of Sales
             Labor      $        1    $        0    $        0    $        0    $        0    $        0
             Material   $        5    $        3    $        3    $        3    $        3    $        3
             Overhead   $        0    $        0    $        0    $        0    $        0    $        0
             Freight    $        0    $        0    $        0    $        0    $        0    $        0

      87% AFUE
Unit Price              $    950      $    950      $    950      $    950      $    950      $    950
Unit Sales                   -             -             -             -             -             -
Revenues                $    -        $    -        $    -        $    -        $    -        $    -

Cost of Sales
             Labor      $    -        $    -        $    -        $    -        $    -        $    -
             Material   $    -        $    -        $    -        $    -        $    -        $    -
             Overhead   $    -        $    -        $    -        $    -        $    -        $    -
             Freight    $    -        $    -        $    -        $    -        $    -        $    -

      90% AFUE
Unit Price              $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513
Unit Sales                   0.01          0.01          0.01          0.01          0.01          0.01
Revenues                $      16     $      10     $       9     $       8     $       9     $       9

Cost of Sales
             Labor                    $        1    $        1    $        0    $        0    $        0    $        0
             Material                 $        8    $        5    $        5    $        5    $        5    $        5
             Overhead                 $        1    $        0    $        0    $        0    $        0    $        0
             Freight                  $        1    $        1    $        1    $        1    $        1    $        1

      95% AFUE
Unit Price                            $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103
Unit Sales                                  -             -             -             -             -             -
Revenues                              $     -       $     -       $     -       $     -       $     -       $     -

Cost of Sales
             Labor                    $    -        $    -        $    -        $    -        $    -        $    -
             Material                 $    -        $    -        $    -        $    -        $    -        $    -
             Overhead                 $    -        $    -        $    -        $    -        $    -        $    -
             Freight                  $    -        $    -        $    -        $    -        $    -        $    -

Totals

Unit Sales                                 0.15          0.09          0.08          0.08          0.08          0.08
Revenues                              $    143 $          90 $          82 $          78 $          79 $          82

Cost of Sales
             Labor                    $         9   $         6   $         5   $         5   $         5   $         5
             Material                 $        79   $        50   $        45   $        43   $        44   $        45
             Overhead                 $         5   $         3   $         3   $         3   $         3   $         3
             Freight                  $         7   $         4   $         4   $         4   $         4   $         4

             Average Price per Unit   $    970      $    970      $    970      $    970      $    970      $    970
                                                                  Standard
                                                                    Year
    2009       2010       2011       2012       2013       2014       2015       2016       2017




$    909   $    909   $    909   $    909   $    909   $    909   $    -     $   -      $   -
    0.00       0.01       0.01       0.01       0.01       0.01        -         -          -
$      4   $      5   $      5   $      5   $      6   $      6   $    -     $   -      $   -


$     0    $     0    $     0    $     0    $     0    $     0    $    -     $   -      $   -
$     2    $     3    $     3    $     3    $     3    $     3    $    -     $   -      $   -
$     0    $     0    $     0    $     0    $     0    $     0    $    -     $   -      $   -
$     0    $     0    $     0    $     0    $     0    $     0    $    -     $   -      $   -


$    914   $    914   $    914   $    914   $    914   $    914   $    -     $   -      $   -
    0.00       0.01       0.01       0.01       0.01       0.01        -         -          -
$      4   $      5   $      5   $      6   $      6   $      6   $    -     $   -      $   -


$     0    $     0    $     0    $     0    $     0    $     0    $    -     $   -      $   -
$     3    $     3    $     3    $     3    $     3    $     3    $    -     $   -      $   -
$     0    $     0    $     0    $     0    $     0    $     0    $    -     $   -      $   -
$     0    $     0    $     0    $     0    $     0    $     0    $    -     $   -      $   -


$    919   $    919   $    919   $    919   $    919   $    919   $    -     $   -      $   -
    0.00       0.01       0.01       0.01       0.01       0.01        -         -          -
$      4   $      5   $      5   $      5   $      6   $      6   $    -     $   -      $   -


$     0    $     0    $     0    $     0    $     0    $     0    $    -     $   -      $   -
$     2    $     3    $     3    $     3    $     3    $     3    $    -     $   -      $   -
$     0    $     0    $     0    $     0    $     0    $     0    $    -     $   -      $   -
$     0    $     0    $     0    $     0    $     0    $     0    $    -     $   -      $   -


$    924   $    924   $    924   $    924   $    924   $    924   $    -     $   -      $   -
    0.02       0.02       0.03       0.03       0.03       0.03        -         -          -
$     20   $     21   $     23   $     24   $     25   $     26   $    -     $   -      $   -


$     1    $     1    $     1    $     1    $     2    $     2    $    -     $   -      $   -
$    11    $    12    $    13    $    14    $    14    $    14    $    -     $   -      $   -
$     1    $     1    $     1    $     1    $     1    $     1    $    -     $   -      $   -
$     1    $     1    $     1    $     1    $     1    $     1    $    -     $   -      $   -
$     930     $     930     $     930     $     930     $     930     $     930     $     930     $     930     $     930
     0.02          0.02          0.03          0.03          0.03          0.03          0.07          0.07          0.08
$      20     $      22     $      23     $      24     $      25     $      26     $      70     $      70     $      70


$         1   $         1   $         1   $         2   $         2   $         2   $         4   $         4   $         4
$        11   $        12   $        13   $        14   $        14   $        14   $        39   $        39   $        39
$         1   $         1   $         1   $         1   $         1   $         1   $         2   $         2   $         2
$         1   $         1   $         1   $         1   $         1   $         1   $         3   $         3   $         3


$     940     $     940     $     940     $     940     $     940     $     940     $     940     $     940     $     940
     0.02          0.02          0.03          0.03          0.03          0.03          0.03          0.03          0.03
$      20     $      22     $      24     $      25     $      26     $      26     $      26     $      26     $      26


$         1   $         1   $         2   $         2   $         2   $         2   $         2   $         2   $         2
$        11   $        12   $        13   $        14   $        14   $        14   $        14   $        14   $        15
$         1   $         1   $         1   $         1   $         1   $         1   $         1   $         1   $         1
$         1   $         1   $         1   $         1   $         1   $         1   $         1   $         1   $         1


$     943     $     943     $     943     $     943     $     943     $     943     $     943     $     943     $     943
     0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01
$       6     $       7     $       7     $       7     $       8     $       8     $       8     $       8     $       8


$        0    $        0    $         0   $        0    $        1    $        1    $        1    $        1    $        1
$        3    $        4    $         4   $        4    $        4    $        4    $        4    $        4    $        4
$        0    $        0    $         0   $        0    $        0    $        0    $        0    $        0    $        0
$        0    $        0    $         0   $        0    $        0    $        0    $        0    $        0    $        0


$    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950
     -             -             -             -             -             -             -             -             -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -


$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -


$   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513
     0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01
$      10     $      11     $      11     $      12     $      12     $      13     $      13     $      13     $      13
$        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1
$        5    $        6    $        6    $        6    $        7    $        7    $        7    $        7    $        7
$        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0
$        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1


$   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103
      -             -             -             -             -             -             -             -             -
$     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -


$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -




     0.09          0.10          0.11          0.11          0.12          0.12          0.12          0.12          0.12
$     88 $          96 $         104 $         109 $         114 $         116 $         116 $         116 $         118


$         5   $         6   $         6   $         7   $         7   $         7   $         7   $         7   $         7
$        49   $        53   $        58   $        61   $        63   $        64   $        64   $        64   $        65
$         3   $         3   $         3   $         4   $         4   $         4   $         4   $         4   $         4
$         4   $         4   $         5   $         5   $         5   $         5   $         5   $         5   $         5

$    970      $    970      $    970      $    970      $    970      $    970      $    974      $    974      $    974
    2018       2019       2020       2021       2022       2023       2024       2025       2026




$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
    -          -          -          -          -          -          -          -          -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
    -          -          -          -          -          -          -          -          -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
    -          -          -          -          -          -          -          -          -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
    -          -          -          -          -          -          -          -          -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$     930     $     930     $     930     $     930     $     930     $     930     $     930     $     930     $     930
     0.08          0.08          0.08          0.08          0.08          0.08          0.08          0.08          0.08
$      72     $      73     $      74     $      75     $      75     $      75     $      75     $      74     $      72


$         5   $         5   $         5   $         5   $         5   $         5   $         5   $         5   $         5
$        40   $        41   $        41   $        42   $        42   $        42   $        42   $        41   $        40
$         2   $         2   $         2   $         2   $         2   $         2   $         2   $         2   $         2
$         3   $         3   $         3   $         3   $         3   $         3   $         3   $         3   $         3


$     940     $     940     $     940     $     940     $     940     $     940     $     940     $     940     $     940
     0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03          0.03
$      27     $      28     $      28     $      28     $      28     $      28     $      28     $      28     $      27


$         2   $         2   $         2   $         2   $         2   $         2   $         2   $         2   $         2
$        15   $        15   $        15   $        16   $        16   $        16   $        16   $        15   $        15
$         1   $         1   $         1   $         1   $         1   $         1   $         1   $         1   $         1
$         1   $         1   $         1   $         1   $         1   $         1   $         1   $         1   $         1


$     943     $     943     $     943     $     943     $     943     $     943     $     943     $     943     $     943
     0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01
$       8     $       8     $       8     $       9     $       9     $       9     $       9     $       8     $       8


$        1    $        1    $         1   $        1    $        1    $        1    $        1    $        1    $        1
$        4    $        5    $         5   $        5    $        5    $        5    $        5    $        5    $        5
$        0    $        0    $         0   $        0    $        0    $        0    $        0    $        0    $        0
$        0    $        0    $         0   $        0    $        0    $        0    $        0    $        0    $        0


$    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950
     -             -             -             -             -             -             -             -             -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -


$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -


$   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513
     0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01
$      13     $      13     $      14     $      14     $      14     $      14     $      14     $      13     $      13
$        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1
$        7    $        7    $        7    $        7    $        7    $        7    $        7    $        7    $        7
$        0    $        0    $        1    $        1    $        1    $        1    $        1    $        1    $        0
$        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1


$   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103
      -             -             -             -             -             -             -             -             -
$     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -


$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -




     0.12          0.13          0.13          0.13          0.13          0.13          0.13          0.13          0.12
$    120 $         122 $         124 $         126 $         126 $         126 $         126 $         124 $         120


$         8   $         8   $         8   $         8   $         8   $         8   $         8   $         8   $         8
$        66   $        68   $        69   $        69   $        70   $        70   $        69   $        68   $        66
$         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4   $         4
$         5   $         6   $         6   $         6   $         6   $         6   $         6   $         6   $         5

$    974      $    974      $    974      $    974      $    974      $    974      $    974      $    974      $    974
    2027       2028       2029       2030       2031       2032       2033       2034       2035




$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
    -          -          -          -          -          -          -          -          -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
    -          -          -          -          -          -          -          -          -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
    -          -          -          -          -          -          -          -          -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
    -          -          -          -          -          -          -          -          -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -


$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -      $   -
$     930     $     930     $     930     $     930     $     930     $     930     $     930     $     930     $     930
     0.07          0.07          0.06          0.06          0.06          0.05          0.05          0.06          0.06
$      69     $      64     $      59     $      55     $      52     $      50     $      50     $      52     $      54


$         4   $         4   $         4   $         3   $         3   $         3   $         3   $         3   $         3
$        38   $        36   $        33   $        30   $        29   $        28   $        28   $        29   $        30
$         2   $         2   $         2   $         2   $         2   $         2   $         2   $         2   $         2
$         3   $         3   $         3   $         2   $         2   $         2   $         2   $         2   $         2


$     940     $     940     $     940     $     940     $     940     $     940     $     940     $     940     $     940
     0.03          0.03          0.02          0.02          0.02          0.02          0.02          0.02          0.02
$      26     $      24     $      22     $      21     $      19     $      19     $      19     $      20     $      20


$         2   $         2   $         1   $         1   $         1   $         1   $         1   $         1   $         1
$        14   $        13   $        12   $        11   $        11   $        10   $        10   $        11   $        11
$         1   $         1   $         1   $         1   $         1   $         1   $         1   $         1   $         1
$         1   $         1   $         1   $         1   $         1   $         1   $         1   $         1   $         1


$     943     $     943     $     943     $     943     $     943     $     943     $     943     $     943     $     943
     0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01
$       8     $       7     $       7     $       6     $       6     $       6     $       6     $       6     $       6


$        1    $        0    $         0   $        0    $        0    $        0    $        0    $        0    $        0
$        4    $        4    $         4   $        3    $        3    $        3    $        3    $        3    $        3
$        0    $        0    $         0   $        0    $        0    $        0    $        0    $        0    $        0
$        0    $        0    $         0   $        0    $        0    $        0    $        0    $        0    $        0


$    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950      $    950
     -             -             -             -             -             -             -             -             -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -


$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -


$   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513     $   1,513
     0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01          0.01
$      12     $      12     $      11     $      10     $       9     $       9     $       9     $       9     $      10
$        1    $        1    $        1    $        1    $        1    $        0    $        0    $        1    $        1
$        7    $        6    $        6    $        5    $        5    $        5    $        5    $        5    $        5
$        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0    $        0
$        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1    $        1


$   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103     $   2,103
      -             -             -             -             -             -             -             -             -
$     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -       $     -


$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -
$    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -        $    -




     0.12          0.11          0.10          0.09          0.09          0.09          0.09          0.09          0.09
$    115 $         107 $          98 $          91 $          86 $          84 $          84 $          87 $          91


$         7   $         7   $         6   $         6   $         5   $         5   $         5   $         6   $         6
$        63   $        59   $        54   $        50   $        48   $        46   $        46   $        48   $        50
$         4   $         4   $         3   $         3   $         3   $         3   $         3   $         3   $         3
$         5   $         5   $         4   $         4   $         4   $         4   $         4   $         4   $         4

$    974      $    974      $    974      $    974      $    974      $    974      $    974      $    974      $    974
    2036       2037       2038




$   -      $   -      $   -
    -          -          -      0.02
$   -      $   -      $   -


$   -      $   -      $   -
$   -      $   -      $   -
$   -      $   -      $   -
$   -      $   -      $   -


$   -      $   -      $   -
    -          -          -      0.02
$   -      $   -      $   -


$   -      $   -      $   -
$   -      $   -      $   -
$   -      $   -      $   -
$   -      $   -      $   -


$   -      $   -      $   -
    -          -          -      0.02
$   -      $   -      $   -


$   -      $   -      $   -
$   -      $   -      $   -
$   -      $   -      $   -
$   -      $   -      $   -


$   -      $   -      $   -
    -          -          -      0.08
$   -      $   -      $   -


$   -      $   -      $   -
$   -      $   -      $   -
$   -      $   -      $   -
$   -      $   -      $   -
$     930     $     930     $     930
     0.06          0.06          0.06        1.75
$      56     $      58     $      60


$         4   $         4   $         4
$        31   $        32   $        33
$         2   $         2   $         2
$         2   $         2   $         3


$     940     $     940     $     940
     0.02          0.02          0.02     0.70335
$      21     $      22     $      23


$         1   $         1   $         2
$        12   $        12   $        12
$         1   $         1   $         1
$         1   $         1   $         1


$     943     $     943     $     943
     0.01          0.01          0.01        0.21
$       6     $       7     $       7


$        0    $        0    $         0
$        4    $        4    $         4
$        0    $        0    $         0
$        0    $        0    $         0


$    950      $    950      $    950
     -             -             -           0.00
$    -        $    -        $    -


$    -        $    -        $    -
$    -        $    -        $    -
$    -        $    -        $    -
$    -        $    -        $    -


$   1,513     $   1,513     $   1,513
     0.01          0.01          0.01        0.21
$      10     $      11     $      11
$        1    $        1    $        1
$        5    $        6    $        6
$        0    $        0    $        0
$        1    $        1    $        1


$   2,103     $   2,103     $   2,103
      -             -             -        0.00
$     -       $     -       $     -


$    -        $    -        $    -
$    -        $    -        $    -
$    -        $    -        $    -
$    -        $    -        $    -




     0.10          0.10          0.10       3.02
$     94 $          98 $         100 $    2,939


$         6   $         6   $         6
$        52   $        54   $        55
$         3   $         3   $         3
$         4   $         4   $         5

$    974      $    974      $    974
Oil Boilers
                                                                                                                                   Announc
                                                                                                                                   ement
BASE CASE SCENARIO                                                                       Base Year                                 Year
                                                                         2003            2004      2005            2006            2007    2008            2009            2010            2011            2012            2013            2014
Income Statement (mln)

Unit Sales                                                                   0.15             0.09         0.08        0.08           0.08     0.08            0.09            0.10            0.11            0.11            0.12            0.12
Revenues                                                                   143.10            89.77        81.93       77.85          78.80    82.10           88.15           96.32          104.16          109.49          113.85          115.88

Cost of Sales
                                  Labor                 6.2%                 8.89             5.57         5.09        4.83           4.89     5.10            5.47            5.98            6.47            6.80            7.07            7.20
                                  Material              55.3%               79.20            49.69        45.34       43.09          43.61    45.44           48.79           53.31           57.65           60.60           63.01           64.13
                                  Overhead              3.3%                 4.75             2.98         2.72        2.58           2.61     2.72            2.92            3.19            3.45            3.63            3.78            3.84
                                  Freight               4.6%                 6.54             4.11         3.75        3.56           3.60     3.75            4.03            4.41            4.76            5.01            5.21            5.30
                                  Depreciation          2.10%                3.01             1.89         1.72        1.63           1.65     1.72            1.85            2.02            2.19            2.30            2.39            2.43

Selling, General and Administrative
                                 Standard SG&A         20.8%                29.83            18.71        17.08       16.23          16.42    17.11           18.37           20.08           21.71           22.82           23.73           24.15
                                 R&D                   0.9%                  1.33             0.84         0.76        0.73           0.73     0.76            0.82            0.90            0.97            1.02            1.06            1.08
                                 Product Conversion Expense                   -                -            -           -              -        -               -               -               -               -               -               -

Profit Before Tax                                       6.7%                    9.56          6.00         5.47           5.20        5.26        5.49            5.89            6.44            6.96            7.31            7.61            7.74
                                                                                0.07          0.07         0.07           0.07        0.07        0.07            0.07            0.07            0.07            0.07            0.07            0.07
Taxes                                                                           3.57          2.24         2.04           1.94        1.96        2.05            2.20            2.40            2.59            2.73            2.84            2.89

NOPAT                                                                           6.00          3.76         3.43           3.26        3.30        3.44            3.69            4.04            4.36            4.59            4.77            4.85
                                                                                0.04          0.04         0.04           0.04        0.04        0.04            0.04            0.04            0.04            0.04            0.04            0.04
Cash Flow Statement
                                  NOPAT                                         6.00          3.76         3.43           3.26        3.30         3.44            3.69            4.04            4.36            4.59            4.77            4.85
                                  Depreciation                                  3.01          1.89         1.72           1.63        1.65         1.72            1.85            2.02            2.19            2.30            2.39            2.43
                                  Change in Working Capital                      -           12.39         1.82           0.95       (0.22)       (0.77)          (1.40)          (1.90)          (1.82)          (1.24)          (1.01)          (0.47)
Cash Flows from Operations                                                      9.00         18.03         6.98           5.84        4.73         4.40            4.14            4.16            4.73            5.65            6.15            6.82

                                                         1.80%
                                  Ordinary Capital Expenditures                 (2.58)       (1.62)       (1.47)          (1.40)     (1.42)       (1.48)          (1.59)          (1.73)          (1.87)          (1.97)          (2.05)          (2.09)
                                  Conversion Capital Expenditures                 -            -            -               -          -            -               -               -               -               -               -               -
Cash Used In Investment                                                         (2.58)       (1.62)       (1.47)          (1.40)     (1.42)       (1.48)          (1.59)          (1.73)          (1.87)          (1.97)          (2.05)          (2.09)

Net Cash Flow                                                                   6.42         16.42         5.50           4.44        3.32        2.92            2.55            2.43            2.86            3.68            4.10            4.73
Terminal Value                                                                   -             -            -              -           -           -               -               -               -               -               -               -
Present Value Factor                                                            1.00          0.94         0.89           0.84        0.79        0.74            0.70            0.66            0.62            0.59            0.55            0.52
Discounted Cash Flow                                                            6.42         15.48         4.89           3.72        2.62        2.17            1.79            1.61            1.78            2.16            2.27            2.47

Industry Value thru 2038                                 $          84

ROIC Calculation                                        Seed Value
Net Property Plant and Equipment                        25.44%              36.41            36.14        35.89       35.66          35.42    35.18           34.91           34.62           34.31           33.98           33.64           33.29
Net Working Capital                                                         33.24            20.85        19.03       18.08          18.30    19.07           20.47           22.37           24.19           25.43           26.44           26.92
Other Operating Assets, Net of other Liabilities                              -                -            -           -              -        -               -               -               -               -               -               -
Operating Invested Capital (beginning of year)                              69.65            56.99        54.92       53.74          53.73    54.25           55.39           57.00           58.50           59.41           60.09           60.21
Return on Invested Capital (ROIC)         7.87%   0.09   0.07   0.06   0.06   0.06   0.06   0.07   0.07   0.07   0.08   0.08   0.08
Weighted Average Cost of Capital (WACC)           0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06



Capex as % of Sales                               0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02
Depre. as % of Sales                              0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02

Net PPE as % of Sales                     25%     0.25   0.40   0.44   0.46   0.45   0.43   0.40   0.36   0.33   0.31   0.30   0.29
                             Tolerance    3%
Standard
Year
2015          2016            2017            2018            2019            2020            2021            2022            2023            2024            2025            2026            2027            2028            2029            2030            2031


      0.12        0.12            0.12            0.12            0.13            0.13            0.13            0.13            0.13            0.13            0.13            0.12            0.12            0.11            0.10            0.09            0.09
    115.93      115.84          117.31          119.10          121.82          123.78          125.10          125.48          125.55          125.11          123.35          119.86          114.34          106.92           98.11           90.91           85.85


      7.20        7.19            7.28            7.40            7.56            7.69            7.77            7.79            7.80            7.77            7.66            7.44            7.10            6.64            6.09            5.64            5.33
     64.16       64.11           64.93           65.92           67.42           68.51           69.24           69.45           69.48           69.24           68.27           66.34           63.28           59.17           54.30           50.31           47.52
      3.84        3.84            3.89            3.95            4.04            4.10            4.15            4.16            4.16            4.15            4.09            3.97            3.79            3.55            3.25            3.01            2.85
      5.30        5.30            5.37            5.45            5.57            5.66            5.72            5.74            5.74            5.72            5.64            5.48            5.23            4.89            4.49            4.16            3.93
      2.43        2.43            2.46            2.50            2.56            2.60            2.63            2.64            2.64            2.63            2.59            2.52            2.40            2.25            2.06            1.91            1.80


     24.16       24.15           24.45           24.82           25.39           25.80           26.07           26.15           26.17           26.08           25.71           24.98           23.83           22.28           20.45           18.95           17.89
      1.08        1.08            1.09            1.11            1.13            1.15            1.17            1.17            1.17            1.17            1.15            1.12            1.07            1.00            0.91            0.85            0.80
       -           -               -               -               -               -               -               -               -               -               -               -               -               -               -               -               -

      7.75           7.74            7.84            7.96            8.14            8.27            8.36            8.38            8.39            8.36            8.24            8.01            7.64            7.14            6.55            6.07            5.74
      0.07           0.07            0.07            0.07            0.07            0.07            0.07            0.07            0.07            0.07            0.07            0.07            0.07            0.07            0.07            0.07            0.07
      2.89           2.89            2.92            2.97            3.03            3.08            3.12            3.13            3.13            3.12            3.07            2.99            2.85            2.66            2.44            2.26            2.14

      4.86           4.85            4.91            4.99            5.10            5.19            5.24            5.26            5.26            5.24            5.17            5.02            4.79            4.48            4.11            3.81            3.60
      0.04           0.04            0.04            0.04            0.04            0.04            0.04            0.04            0.04            0.04            0.04            0.04            0.04            0.04            0.04            0.04            0.04

      4.86           4.85             4.91            4.99            5.10            5.19            5.24            5.26            5.26           5.24            5.17            5.02            4.79            4.48            4.11            3.81            3.60
      2.43           2.43             2.46            2.50            2.56            2.60            2.63            2.64            2.64           2.63            2.59            2.52            2.40            2.25            2.06            1.91            1.80
     (0.01)          0.02            (0.34)          (0.42)          (0.63)          (0.46)          (0.31)          (0.09)          (0.01)          0.10            0.41            0.81            1.28            1.72            2.05            1.67            1.17
      7.28           7.31             7.04            7.08            7.03            7.33            7.56            7.80            7.88           7.97            8.17            8.35            8.47            8.45            8.22            7.39            6.57

     (2.09)          (2.09)          (2.11)          (2.14)          (2.19)          (2.23)          (2.25)          (2.26)          (2.26)          (2.25)          (2.22)          (2.16)          (2.06)          (1.92)          (1.77)          (1.64)          (1.55)
       -               -               -               -               -               -               -               -               -               -               -               -               -               -               -               -               -
     (2.09)          (2.09)          (2.11)          (2.14)          (2.19)          (2.23)          (2.25)          (2.26)          (2.26)          (2.25)          (2.22)          (2.16)          (2.06)          (1.92)          (1.77)          (1.64)          (1.55)

      5.19           5.22            4.93            4.93            4.84            5.10            5.31            5.55            5.62            5.72            5.95            6.19            6.42            6.53            6.45            5.75            5.03
       -              -               -               -               -               -               -               -               -               -               -               -               -               -               -               -               -
      0.49           0.46            0.44            0.41            0.39            0.37            0.35            0.33            0.31            0.29            0.27            0.26            0.24            0.23            0.22            0.20            0.19
      2.56           2.43            2.16            2.04            1.88            1.87            1.84            1.81            1.73            1.66            1.63            1.60            1.56            1.49            1.39            1.17            0.96




     32.95       32.60           32.25           31.89           31.52           31.15           30.78           30.40           30.02           29.65           29.28           28.92           28.58           28.25           27.96           27.69           27.43
     26.93       26.91           27.25           27.66           28.29           28.75           29.06           29.15           29.16           29.06           28.65           27.84           26.56           24.83           22.79           21.11           19.94
       -           -               -               -               -               -               -               -               -               -               -               -               -               -               -               -               -
     59.87       59.50           59.49           59.55           59.82           59.90           59.83           59.55           59.18           58.71           57.93           56.76           55.13           53.09           50.75           48.80           47.37
0.08   0.08   0.08   0.08   0.09   0.09   0.09   0.09   0.09   0.09   0.09   0.09   0.09   0.08   0.08   0.08   0.08
0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06   0.06



0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02
0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02   0.02

0.28   0.28   0.27   0.27   0.26   0.25   0.25   0.24   0.24   0.24   0.24   0.24   0.25   0.26   0.28   0.30   0.32
2032            2033            2034            2035            2036            2037            2038


    0.09            0.09            0.09                0.09            0.10            0.10            0.10
   83.50           83.87           86.64               90.17           93.85           97.14           99.84


    5.18            5.21            5.38                5.60            5.83            6.03            6.20
   46.22           46.42           47.95               49.91           51.94           53.76           55.26
    2.77            2.78            2.87                2.99            3.11            3.22            3.31
    3.82            3.84            3.96                4.12            4.29            4.44            4.57
    1.75            1.76            1.82                1.89            1.97            2.04            2.10


   17.40           17.48           18.06               18.80           19.56           20.25           20.81
    0.78            0.78            0.81                0.84            0.87            0.91            0.93
     -               -               -                   -               -               -               -

       5.58            5.60            5.79             6.02            6.27            6.49            6.67
       0.07            0.07            0.07             0.07            0.07            0.07            0.07
       2.08            2.09            2.16             2.25            2.34            2.42            2.49

       3.50            3.51            3.63             3.78            3.93            4.07            4.18
       0.04            0.04            0.04             0.04            0.04            0.04            0.04

       3.50             3.51            3.63            3.78            3.93            4.07            4.18
       1.75             1.76            1.82            1.89            1.97            2.04            2.10
       0.55            (0.08)          (0.64)          (0.82)          (0.85)          (0.76)          (0.63)
       5.80             5.19            4.81            4.85            5.05            5.34            5.65

       (1.50)          (1.51)          (1.56)          (1.62)          (1.69)          (1.75)          (1.80)
         -               -               -               -               -               -               -
       (1.50)          (1.51)          (1.56)          (1.62)          (1.69)          (1.75)          (1.80)

       4.30            3.68            3.25             3.23            3.36            3.60            3.86
        -               -               -                -               -               -             76.76
       0.18            0.17            0.16             0.15            0.14            0.13            0.13
       0.78            0.63            0.52             0.49            0.48            0.48           10.24




   27.18           26.93           26.67               26.40           26.12           25.82           25.52
   19.39           19.48           20.12               20.94           21.80           22.56           23.19
     -               -               -                   -               -               -               -
   46.57           46.41           46.79               47.34           47.91           48.39           48.71
0.08   0.08   0.08   0.08   0.08   0.08   0.09
0.06   0.06   0.06   0.06   0.06   0.06   0.06 x
                                               x
                                               x
                                               x
0.02   0.02   0.02   0.02   0.02   0.02   0.02 x
0.02   0.02   0.02   0.02   0.02   0.02   0.02 x

0.33   0.32   0.31   0.29   0.28   0.27   0.26 x
                                               x
      d56bb180-0d23-4cd5-a383-74b1f011773c.xls
Oil Boilers

                                                                                                                  Announcement                                                                         Standard
STANDARD CASE SCENARIO                                                          Base Year                             Year                                                                               Year
                                                                     2003         2004       2005      2006          2007        2008      2009      2010      2011      2012      2013      2014       2015        2016
                    Income Statement (mln)

Unit Sales                                                              0.15         0.09      0.08      0.08            0.08      0.08      0.09      0.10      0.11      0.11      0.12      0.12        0.12        0.12
Revenues                                                              143.10        89.77     81.93     77.85           78.80     82.10     88.15     96.32    104.16    109.49    113.85    115.88      116.38      116.29

Cost of Sales
                           Labor                              6.2%      8.89         5.57      5.09      4.83            4.89      5.10      5.47      5.98      6.47      6.80      7.07      7.20        7.38        7.38
                           Material                          55.3%     79.20        49.69     45.34     43.09           43.61     45.44     48.79     53.31     57.65     60.60     63.01     64.13       64.25       64.20
                           Overhead                           3.3%      4.75         2.98      2.72      2.58            2.61      2.72      2.92      3.19      3.45      3.63      3.78      3.84        3.89        3.88
                           Freight                            4.6%      6.54         4.11      3.75      3.56            3.60      3.75      4.03      4.41      4.76      5.01      5.21      5.30        5.30        5.30
                           Depreciation                      2.10%      3.01         1.89      1.72      1.63            1.65      1.72      1.85      2.02      2.19      2.30      2.39      2.43        2.44        2.44

Selling, General and Administrative
                        Standard SG&A                        20.8%     29.83        18.71     17.08     16.23           16.42     17.11     18.37     20.08     21.71     22.82     23.73     24.15       24.26       24.24
                        R&D                                   0.9%      1.33         0.84      0.76      0.73            0.73      0.76      0.82      0.90      0.97      1.02      1.06      1.08        1.08        1.08
                        Product Conversion Expense                       -            -         -         -               -         -         -         -        0.08      0.68      1.44      1.80        0.08         -
                                                                                                                                    -
Profit Before Tax                                            6.6%       9.56         6.00      5.47      5.20            5.26      5.49      5.89      6.44      6.88      6.63      6.17      5.94        7.69        7.77
One-time writeoff on stranded assets                                                                                                                                                           1.01
EBT as % of Revenues                                                    0.07         0.07      0.07      0.07            0.07      0.07      0.07      0.07      0.07      0.06      0.05      0.05        0.07        0.07

Taxes                                                        37.3%      3.57         2.24      2.04      1.94            1.96      2.05      2.20      2.40      2.57      2.47      2.30      1.84        2.87        2.90
NOPAT                                                                   6.00         3.76      3.43      3.26            3.30      3.44      3.69      4.04      4.31      4.16      3.87      4.10        4.82        4.87
                                                                        0.04         0.04      0.04      0.04            0.04      0.04      0.04      0.04      0.04      0.04      0.03      0.04        0.04        0.04
                   Cash Flow Statement
                       NOPAT                                            6.00         3.76      3.43      3.26            3.30      3.44      3.69      4.04      4.31      4.16      3.87      4.10         4.82       4.87
                       Depreciation                                     3.01         1.89      1.72      1.63            1.65      1.72      1.85      2.02      2.19      2.30      2.39      2.43         2.44       2.44
                       Change in Working Capital                         -          12.39      1.82      0.95           (0.22)    (0.77)    (1.40)    (1.90)    (1.82)    (1.24)    (1.01)    (0.47)       (0.12)      0.02
Cash Flows from Operations                                              9.00        18.03      6.98      5.84            4.73      4.40      4.14      4.16      4.68      5.22      5.24      6.07         7.15       7.33

                           Ordinary Capital Expenditures               (2.58)       (1.62)    (1.47)     (1.40)         (1.42)    (1.48)    (1.59)    (1.73)    (1.87)    (1.97)    (2.05)    (2.09)       (2.09)     (2.09)
                           Conversion Capital Expenditures               -            -         -          -              -         -         -         -       (0.07)    (0.57)    (1.22)    (1.52)         -          -
Cash Used In Investment                                                (2.58)       (1.62)    (1.47)     (1.40)         (1.42)    (1.48)    (1.59)    (1.73)    (1.94)    (2.55)    (3.27)    (3.61)       (2.09)     (2.09)

Net Cash Flow                                                           6.42        16.42      5.50      4.44            3.32      2.92      2.55      2.43      2.74      2.68      1.98      2.46        5.06        5.24
Terminal Value                                                           -            -         -         -               -         -         -         -         -         -         -         -           -           -
Present Value Factor                                                    1.00         0.94      0.89      0.84            0.79      0.74      0.70      0.66      0.62      0.59      0.55      0.52        0.49        0.46
Discounted Cash Flow                                                    6.42        15.48      4.89      3.72            2.62      2.17      1.79      1.61      1.71      1.57      1.10      1.29        2.49        2.44

Industry Value thru 2038                       $               81

ROIC Calculation
Net Property Plant and Equipment                             25.4%     36.41        36.14     35.89     35.66           35.42     35.18     34.91     34.62     34.38     34.62     35.50     35.66       35.31       34.96
Net Working Capital                                                    33.24        20.85     19.03     18.08           18.30     19.07     20.47     22.37     24.19     25.43     26.44     26.92       27.03       27.01
Other Operating Assets, Net of other Liabilities                         -            -         -         -               -         -         -         -         -       (0.07)    (0.64)    (1.86)      (3.38)      (3.38)
Operating Invested Capital (beginning of year)                         69.65        56.99     54.92     53.74           53.73     54.25     55.39     57.00     58.57     59.99     61.30     60.72       58.96       58.59
Return on Invested Capital (ROIC)                            7.86%      0.09         0.07      0.06      0.06            0.06      0.06      0.07      0.07      0.07      0.07      0.06      0.07        0.08        0.08
Weighted Average Cost of Capital (WACC)                                 0.06         0.06      0.06      0.06            0.06      0.06      0.06      0.06      0.06      0.06      0.06      0.06        0.06        0.06

Net PPE as % of Revenues                                      25%       0.25         0.40      0.44      0.46            0.45      0.43      0.40      0.36      0.33      0.32      0.31      0.31        0.30        0.30
      d56bb180-0d23-4cd5-a383-74b1f011773c.xls
                     Tolerance                       3%
net PPE/Gross PPE                                   50%



        Detailed Depreciation & Capex Calculation
                     Depreciation                             2003      2004      2005     2006        2007      2008      2009      2010      2011      2012      2013      2014      2015        2016
               2.10% Depre. on base-case PPE base         $      3.01 $    1.89 $   1.72 $    1.63 $      1.65 $    1.72 $    1.85 $    2.02 $    2.19 $    2.30 $    2.39 $    2.43 $     -   $       -
                     Depre. post-std                      $       -   $     -   $    -   $     -   $        -  $     -   $     -   $     -   $     -   $     -   $     -   $     -   $    2.44 $      2.44
                     Total Depre                          $      3.01 $    1.89 $   1.72 $    1.63 $      1.65 $    1.72 $    1.85 $    2.02 $    2.19 $    2.30 $    2.39 $    2.43 $    2.44 $      2.44
                                                                2.10%     2.10%    2.10%     2.10%       2.10%     2.10%     2.10%     2.10%     2.10%     2.10%     2.10%     2.10%     2.10%       2.10%
      d56bb180-0d23-4cd5-a383-74b1f011773c.xls
Oil Boilers

STANDARD CASE SCENARIO
                                                                     2017       2018      2019       2020      2021       2022       2023       2024       2025       2026       2027       2028       2029
                    Income Statement (mln)

Unit Sales                                                             0.12       0.12       0.13      0.13      0.13       0.13        0.13      0.13        0.13       0.12      0.12        0.11       0.10
Revenues                                                             117.76     119.56     122.29    124.26    125.58     125.97      126.03    125.59      123.82     120.33    114.79      107.33      98.49

Cost of Sales
                           Labor                              6.2%     7.47       7.58       7.76      7.88      7.97       7.99        8.00      7.97        7.85       7.63      7.28        6.81       6.25
                           Material                          55.3%    65.01      66.00      67.51     68.60     69.33      69.54       69.58     69.33       68.36      66.43     63.37       59.25      54.37
                           Overhead                           3.3%     3.93       3.99       4.08      4.15      4.19       4.21        4.21      4.19        4.14       4.02      3.83        3.58       3.29
                           Freight                            4.6%     5.37       5.45       5.57      5.66      5.72       5.74        5.74      5.72        5.64       5.48      5.23        4.89       4.49
                           Depreciation                      2.10%     2.47       2.51       2.57      2.61      2.64       2.65        2.65      2.64        2.60       2.53      2.41        2.25       2.07

Selling, General and Administrative
                        Standard SG&A                        20.8%    24.55      24.92      25.49     25.90     26.18      26.26       26.27     26.18       25.81      25.08     23.92       22.37      20.53
                        R&D                                   0.9%     1.10       1.11       1.14      1.16      1.17       1.17        1.17      1.17        1.15       1.12      1.07        1.00       0.92
                        Product Conversion Expense                      -          -          -         -         -          -           -         -           -          -         -           -          -

Profit Before Tax                                            6.6%      7.87       7.99       8.17      8.30      8.39       8.42        8.42      8.39        8.27       8.04      7.67        7.17       6.58
One-time writeoff on stranded assets
EBT as % of Revenues                                                   0.07       0.07       0.07      0.07      0.07       0.07        0.07      0.07        0.07       0.07      0.07        0.07       0.07

Taxes                                                        37.3%     2.93       2.98       3.05      3.10      3.13       3.14        3.14      3.13        3.08       3.00      2.86        2.67       2.45
NOPAT                                                                  4.93       5.01       5.12      5.21      5.26       5.28        5.28      5.26        5.19       5.04      4.81        4.50       4.13
                                                                       0.04       0.04       0.04      0.04      0.04       0.04        0.04      0.04        0.04       0.04      0.04        0.04       0.04
                   Cash Flow Statement
                       NOPAT                                            4.93      5.01       5.12      5.21       5.26       5.28       5.28      5.26        5.19       5.04      4.81        4.50       4.13
                       Depreciation                                     2.47      2.51       2.57      2.61       2.64       2.65       2.65      2.64        2.60       2.53      2.41        2.25       2.07
                       Change in Working Capital                       (0.34)    (0.42)     (0.63)    (0.46)     (0.31)     (0.09)     (0.01)     0.10        0.41       0.81      1.29        1.73       2.05
Cash Flows from Operations                                              7.06      7.10       7.06      7.36       7.59       7.83       7.91      8.00        8.20       8.38      8.51        8.48       8.25

                           Ordinary Capital Expenditures               (2.12)    (2.15)     (2.20)    (2.24)     (2.26)     (2.27)     (2.27)     (2.26)     (2.23)     (2.17)     (2.07)     (1.93)     (1.77)
                           Conversion Capital Expenditures               -         -          -         -          -          -          -          -          -          -          -          -          -
Cash Used In Investment                                                (2.12)    (2.15)     (2.20)    (2.24)     (2.26)     (2.27)     (2.27)     (2.26)     (2.23)     (2.17)     (2.07)     (1.93)     (1.77)

Net Cash Flow                                                          4.95       4.95       4.86      5.12      5.33       5.57        5.64      5.74        5.97       6.21      6.44        6.55       6.48
Terminal Value                                                          -          -          -         -         -          -           -         -           -          -         -           -          -
Present Value Factor                                                   0.44       0.41       0.39      0.37      0.35       0.33        0.31      0.29        0.27       0.26      0.24        0.23       0.22
Discounted Cash Flow                                                   2.17       2.04       1.89      1.88      1.84       1.82        1.74      1.66        1.63       1.60      1.56        1.50       1.40

Industry Value thru 2038                       $               81

ROIC Calculation
Net Property Plant and Equipment                             25.4%    34.61      34.25      33.88     33.51     33.13      32.75       32.38     32.00       31.63      31.27     30.92       30.60      30.31
Net Working Capital                                                   27.35      27.77      28.40     28.86     29.17      29.26       29.27     29.17       28.76      27.95     26.66       24.93      22.88
Other Operating Assets, Net of other Liabilities                      (3.38)     (3.38)     (3.38)    (3.38)    (3.38)     (3.38)      (3.38)    (3.38)      (3.38)     (3.38)    (3.38)      (3.38)     (3.38)
Operating Invested Capital (beginning of year)                        58.58      58.64      58.91     58.99     58.92      58.63       58.27     57.79       57.01      55.84     54.20       52.15      49.80
Return on Invested Capital (ROIC)                            7.86%     0.08       0.09       0.09      0.09      0.09       0.09        0.09      0.09        0.09       0.09      0.09        0.09       0.08
Weighted Average Cost of Capital (WACC)                                0.06       0.06       0.06      0.06      0.06       0.06        0.06      0.06        0.06       0.06      0.06        0.06       0.06

Net PPE as % of Revenues                                      25%      0.29       0.29       0.28      0.27      0.26       0.26        0.26      0.25        0.26       0.26      0.27        0.29       0.31
      d56bb180-0d23-4cd5-a383-74b1f011773c.xls
                     Tolerance                       3%
net PPE/Gross PPE                                   50%



        Detailed Depreciation & Capex Calculation
                     Depreciation                             2017      2018        2019        2020      2021      2022      2023      2024      2025        2026        2027      2028      2029
               2.10% Depre. on base-case PPE base         $       -   $     -   $       -   $       -   $     -   $     -   $     -   $     -   $     -   $       -   $       -   $     -   $     -
                     Depre. post-std                      $      2.47 $    2.51 $      2.57 $      2.61 $    2.64 $    2.65 $    2.65 $    2.64 $    2.60 $      2.53 $      2.41 $    2.25 $    2.07
                     Total Depre                          $      2.47 $    2.51 $      2.57 $      2.61 $    2.64 $    2.65 $    2.65 $    2.64 $    2.60 $      2.53 $      2.41 $    2.25 $    2.07
                                                                2.10%     2.10%       2.10%       2.10%     2.10%     2.10%     2.10%     2.10%     2.10%       2.10%       2.10%     2.10%     2.10%
      d56bb180-0d23-4cd5-a383-74b1f011773c.xls
Oil Boilers

STANDARD CASE SCENARIO
                                                                     2030       2031       2032       2033       2034        2035     2036     2037      2038
                    Income Statement (mln)

Unit Sales                                                              0.09       0.09       0.09       0.09       0.09     0.09     0.10     0.10      0.10        2.67
Revenues                                                               91.26      86.19      83.83      84.19      86.97    90.52    94.21    97.51    100.22   $   2,599

Cost of Sales
                           Labor                              6.2%      5.79       5.47       5.32       5.34       5.52     5.74     5.98     6.19      6.36   $    165
                           Material                          55.3%     50.38      47.58      46.28      46.48      48.01    49.97    52.01    53.83     55.33
                           Overhead                           3.3%      3.05       2.88       2.80       2.81       2.90     3.02     3.15     3.26      3.35
                           Freight                            4.6%      4.16       3.93       3.82       3.84       3.96     4.12     4.29     4.44      4.57
                           Depreciation                      2.10%      1.92       1.81       1.76       1.77       1.83     1.90     1.98     2.05      2.10

Selling, General and Administrative
                        Standard SG&A                        20.8%     19.02      17.96      17.47      17.55      18.13    18.87    19.64    20.32     20.89 x
                        R&D                                   0.9%      0.85       0.80       0.78       0.78       0.81     0.84     0.88     0.91      0.93 x
                        Product Conversion Expense                       -          -          -          -          -        -        -        -         -   x
                                                                                                                                                              x
Profit Before Tax                                            6.6%       6.10       5.76       5.60       5.62       5.81     6.05     6.29     6.51      6.70 x
One-time writeoff on stranded assets
EBT as % of Revenues                                                    0.07       0.07       0.07       0.07       0.07     0.07     0.07     0.07      0.07 x
                                                                                                                                                               x
Taxes                                                        37.3%      2.27       2.15       2.09       2.10       2.17     2.26     2.35     2.43      2.50 x
NOPAT                                                                   3.82       3.61       3.51       3.53       3.64     3.79     3.95     4.09      4.20 x
                                                                        0.04       0.04       0.04       0.04       0.04     0.04     0.04     0.04      0.04 x
                   Cash Flow Statement                                                                                                                         x
                       NOPAT                                            3.82       3.61       3.51       3.53       3.64     3.79     3.95     4.09      4.20 x
                       Depreciation                                     1.92       1.81       1.76       1.77       1.83     1.90     1.98     2.05      2.10 x
                       Change in Working Capital                        1.68       1.18       0.55      (0.08)     (0.65)   (0.82)   (0.86)   (0.77)    (0.63) x
Cash Flows from Operations                                              7.42       6.60       5.82       5.21       4.82     4.87     5.07     5.37      5.67 x
                                                                                                                                                               x
                           Ordinary Capital Expenditures               (1.64)     (1.55)     (1.51)     (1.52)     (1.57)   (1.63)   (1.70)   (1.76)    (1.80) x
                           Conversion Capital Expenditures               -          -          -          -          -        -        -        -         -    x
Cash Used In Investment                                                (1.64)     (1.55)     (1.51)     (1.52)     (1.57)   (1.63)   (1.70)   (1.76)    (1.80) x
                                                                                                                                                               x
Net Cash Flow                                                           5.78       5.05       4.31       3.69       3.26     3.24     3.37     3.61      3.87 x
Terminal Value                                                           -          -          -          -          -        -        -        -       77.06 x
Present Value Factor                                                    0.20       0.19       0.18       0.17       0.16     0.15     0.14     0.13      0.13 x
Discounted Cash Flow                                                    1.18       0.97       0.78       0.63       0.52     0.49     0.48     0.49     10.28 x
                                                                                                                                                               x
Industry Value thru 2038                       $               81                                                                                              x
                                                                                                                                                               x
ROIC Calculation                                                                                                                                               x
Net Property Plant and Equipment                             25.4%     30.03      29.77      29.52      29.27      29.01    28.74    28.45    28.16     27.86 x
Net Working Capital                                                    21.20      20.02      19.47      19.55      20.20    21.03    21.88    22.65     23.28 x
Other Operating Assets, Net of other Liabilities                       (3.38)     (3.38)     (3.38)     (3.38)     (3.38)   (3.38)   (3.38)   (3.38)    (3.38) x
Operating Invested Capital (beginning of year)                         47.85      46.41      45.61      45.44      45.83    46.38    46.96    47.43     47.76 x
Return on Invested Capital (ROIC)                            7.86%      0.08       0.08       0.08       0.08       0.08     0.08     0.08     0.09      0.09 x
Weighted Average Cost of Capital (WACC)                                 0.06       0.06       0.06       0.06       0.06     0.06     0.06     0.06      0.06 x
                                                                                                                                                               x
Net PPE as % of Revenues                                      25%       0.33       0.35       0.35       0.35       0.33     0.32     0.30     0.29      0.28 x
      d56bb180-0d23-4cd5-a383-74b1f011773c.xls
                     Tolerance                       3%                                                                                                         x
net PPE/Gross PPE                                   50%                                                                                                         x
                                                                                                                                                                x
                                                                                                                                                                x
                                                                                                                                                                x
        Detailed Depreciation & Capex Calculation                                                                                                               x
                     Depreciation                             2030        2031        2032        2033        2034         2035      2036      2037      2038
               2.10% Depre. on base-case PPE base         $       -   $       -   $       -   $       -   $       -   $     -   $     -   $     -   $     -     x
                     Depre. post-std                      $      1.92 $      1.81 $      1.76 $      1.77 $      1.83 $    1.90 $    1.98 $    2.05 $    2.10   x
                     Total Depre                          $      1.92 $      1.81 $      1.76 $      1.77 $      1.83 $    1.90 $    1.98 $    2.05 $    2.10   x
                                                                2.10%       2.10%       2.10%       2.10%       2.10%     2.10%     2.10%     2.10%     2.10%   x
                                                                                                                                                                x
                                                                                                                                                                x
                                                                                                                                                                x
                                                                                                                                                                x
                                                                                                                                                                x
                                                                                                                                                                x


                                                                                                                                                                x
                                                                                                                                                                x
                                                                                                                                                                x
                                                                                                                                                                x
                                                                                                                                                                x
                                                                                                                                                                x
                                                                                                                                                                x
                                      Summary Report for
                                         Oil Boilers
                                                                  Oil Boilers
                                                     Pre-Regulation
                                                         (Base)
                                                          2015

Unit Shipments                      (000,000)              0.12
Price per unit (weighted avg.)                             $970
Total Revenues                      ($000,000)             $116
Net Income Before Financing         ($000,000)               $5
Net Cash Flow (2016)                ($000,000)               $5
Industry Value thru 2038            ($000,000)              $84
    Change in Industry Value
MAJOR ASSUMPTIONS

Manufacturing Costs
                         Materials per Unit                $537
                            Labor per Unit                  $60
                         Overhead per Unit                  $32
Conversion Cost
            Capital Expenditures ($000,000)                           $3
       Product Conversion Costs ($000,000)                            $4
          Total Conversion Costs ($000,000)                           $7
Oil Boilers
         Post-Regulation
           (Standard)
              2015

             0.12
             $974
             $116
               $3
               $0
             $81
              -$3
             -3%



             $538
             $62
             $33

   $3
   $4
   $7
                                                                            SHIPMENTS
                                                                            OIL BOILERS
                                0.16



                                0.14



                                0.12
Shipments (Millions of Units)




                                0.10



                                0.08



                                0.06



                                0.04



                                0.02



                                0.00
                                       2003   2005   2007   2009   2011    2013    2015   2017   2019   2021   2023   2025   2027   2029


                                                                   Base 80% AFUE                 Standard 84% AFUE
                                                              REVENUE BY YEAR
                                                                OIL BOILERS
                       160.00



                       140.00



                       120.00
Revenue ($ Millions)




                       100.00



                        80.00



                        60.00



                        40.00



                        20.00



                         0.00
                                2003   2005   2007   2009   2011   2013     2015   2017   2019   2021   2023   2025   2027   2029


                                                            Base 80% AFUE                  Standard 84% AFUE
                                               RETURN ON INVESTED CAPITAL (ROIC)
                                                          OIL BOILERS
                             10.0%


                             9.0%


                             8.0%


                             7.0%
Return on Invested Capital




                             6.0%


                             5.0%


                             4.0%


                             3.0%


                             2.0%


                             1.0%


                             0.0%
                                 2003   2005   2007   2009    2011   2013    2015   2017   2019   2021   2023   2025   2027   2029

                                                             Base 80% AFUE                  Standard 84% AFUE
                                                                  PROFIT BEFORE TAX
                                                                     OIL BOILERS
                                8.00%



                                7.00%



                                6.00%
Profit Before Tax (% Revenue)




                                5.00%



                                4.00%



                                3.00%



                                2.00%



                                1.00%



                                0.00%
                                     2003   2005   2007   2009   2011   2013     2015   2017   2019   2021    2023   2025   2027   2029

                                                                 Base 80% AFUE                   Standard 84% AFUE
                                                                     CASH USED IN INVESTMENT
                                                                           OIL BOILERS
                                       $4.0



                                       $3.5
Cash Used in Investment ($ Millions)




                                       $3.0



                                       $2.5



                                       $2.0



                                       $1.5



                                       $1.0



                                       $0.5



                                       $0.0
                                              2003   2005   2007   2009     2011   2013   2015   2017   2019    2021   2023   2025   2027   2029


                                                                          Base 80% AFUE                 Standard 84% AFUE
                                                                      OPERATING CASHFLOW TOTALS
                                                                              OIL BOILERS
                                         $20.0


                                         $18.0


                                         $16.0
Operating Cashflow Totals ($ Millions)




                                         $14.0


                                         $12.0


                                         $10.0


                                          $8.0


                                          $6.0


                                          $4.0


                                          $2.0


                                          $0.0
                                                 2003   2005   2007   2009   2011   2013   2015   2017    2019    2021   2023   2025   2027   2029


                                                                         Base 80% AFUE                   Standard 84% AFUE
                                                                NET CASH FLOW TOTALS
                                                                     OIL BOILERS
                            $18.0


                            $16.0


                            $14.0
Net Cashflow ($ Millions)




                            $12.0


                            $10.0


                             $8.0


                             $6.0


                             $4.0


                             $2.0


                             $0.0
                                    2003   2005   2007   2009    2011   2013    2015   2017   2019   2021   2023   2025   2027   2029


                                                                Base 80% AFUE                  Standard 84% AFUE
                                                   INDUSTRY VALUE (NPV)
                                                       OIL BOILERS
                                          $85


                                          $85


                                          $84
Industry Net Present Value ($ Millions)




                                          $84


                                          $83


                                          $83


                                          $82


                                          $82


                                          $81


                                          $81


                                          $80


                                          $80

                                                Base 80% AFUE    Standard 84% AFUE
                                                                     INCOME AFTER TAX
                                                                        OIL BOILERS
                                $7.0



                                $6.0



                                $5.0
Income after Tax ($ Millions)




                                $4.0



                                $3.0



                                $2.0



                                $1.0



                                $0.0
                                       2003   2005   2007   2009   2011   2013     2015   2017   2019   2021    2023   2025   2027   2029


                                                                   Base 80% AFUE                   Standard 84% AFUE
                                                               AVERAGE UNIT PRICE
                                                                  OIL BOILERS
                         $975.00



                         $974.00



                         $973.00
Average Unit Price ($)




                         $972.00



                         $971.00



                         $970.00



                         $969.00



                         $968.00
                                   2003   2005   2007   2009    2011   2013    2015   2017   2019   2021   2023   2025   2027   2029


                                                               Base 80% AFUE                 Standard 84% AFUE
                                               OIL BOILERS

Base 80% AFUE
NET CASH FLOW TOTALSOIL BOILERS                Net Cashflow
REVENUE BY YEAROIL BOILERS                     Revenues
INCOME AFTER TAXOIL BOILERS                    Income After Tax
SHIPMENTSOIL BOILERS                           Shipments
AVERAGE UNIT PRICEOIL BOILERS                  Avg Price
INDUSTRY VALUE (NPV)OIL BOILERS                Industry Value
CASH USED IN INVESTMENTOIL BOILERS             Investments
RETURN ON INVESTED CAPITAL (ROIC)OIL BOILERS   ROIC
OPERATING CASHFLOW TOTALS OIL BOILERS          Operating Cashflow
PROFIT BEFORE TAXOIL BOILERS

Standard 84% AFUE
                                               Net Cashflow
                                               Revenues
                                               Income After Tax
                                               Shipments
                                               Price
                                               Industry Value
                                               Investments
                                               ROIC
                                               Operating Cashflow
      2003        2004        2005        2006        2007        2008        2009        2010

$        6    $     16    $      6    $      4    $      3    $      3    $      3    $      2
$      143    $     90    $     82    $     78    $     79    $     82    $     88    $     96
$        6    $      4    $      3    $      3    $      3    $      3    $      4    $      4
        0.1         0.1         0.1         0.1         0.1         0.1         0.1         0.1
$   970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16
$       84
$        3    $      2 $         1 $         1 $         1 $         1 $         2 $         2
        9%          7%          6%          6%          6%          6%          7%          7%
$        9    $     18 $         7 $         6 $         5 $         4 $         4 $         4




$        6    $     16    $      6    $      4    $      3    $      3    $      3    $      2
$      143    $     90    $     82    $     78    $     79    $     82    $     88    $     96
$        6    $      4    $      3    $      3    $      3    $      3    $      4    $      4
      0.148         0.1         0.1         0.1         0.1         0.1         0.1         0.1
$   970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16
$       81
$        3    $      2 $         1 $         1 $         1 $         1 $         2 $         2
        9%          7%          6%          6%          6%          6%          7%          7%
$        9    $     18 $         7 $         6 $         5 $         4 $         4 $         4
    2011        2012        2013        2014        2015        2016        2017        2018

$      3    $      4    $      4    $      5    $      5    $      5    $      5    $      5
$    104    $    109    $    114    $    116    $    116    $    116    $    117    $    119
$      4    $      5    $      5    $      5    $      5    $      5    $      5    $      5
      0.1         0.1         0.1         0.1         0.1         0.1         0.1         0.1
$ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16

$      2 $         2 $         2 $         2 $         2 $         2 $         2 $         2
      7%          8%          8%          8%          8%          8%          8%          8%
$      5 $         6 $         6 $         7 $         7 $         7 $         7 $         7




$      3    $      3    $      2    $      2    $      5    $      5    $      5    $      5
$    104    $    109    $    114    $    116    $    116    $    116    $    118    $    120
$      4    $      4    $      4    $      4    $      5    $      5    $      5    $      5
      0.1         0.1         0.1         0.1       0.119         0.1         0.1         0.1
$ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 973.91    $ 973.91    $ 973.91    $ 973.91

$      2 $         3 $         3 $         4 $         2 $         2 $         2 $         2
      7%          7%          6%          7%          8%          8%          8%          9%
$      5 $         5 $         5 $         6 $         7 $         7 $         7 $         7
    2019        2020        2021        2022        2023        2024        2025        2026

$      5    $      5    $      5    $      6    $      6    $      6    $      6    $      6
$    122    $    124    $    125    $    125    $    126    $    125    $    123    $    120
$      5    $      5    $      5    $      5    $      5    $      5    $      5    $      5
      0.1         0.1         0.1         0.1         0.1         0.1         0.1         0.1
$ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16    $ 970.16

$      2 $         2 $         2 $         2 $         2 $         2 $         2 $         2
      9%          9%          9%          9%          9%          9%          9%          9%
$      7 $         7 $         8 $         8 $         8 $         8 $         8 $         8




$      5    $      5    $      5    $      6    $      6    $      6    $      6    $      6
$    122    $    124    $    126    $    126    $    126    $    126    $    124    $    120
$      5    $      5    $      5    $      5    $      5    $      5    $      5    $      5
      0.1       0.128         0.1         0.1         0.1         0.1         0.1         0.1
$ 973.91    $ 973.91    $ 973.91    $ 973.91    $ 973.91    $ 973.91    $ 973.91    $ 973.91

$      2 $         2 $         2 $         2 $         2 $         2 $         2 $         2
      9%          9%          9%          9%          9%          9%          9%          9%
$      7 $         7 $         8 $         8 $         8 $         8 $         8 $         8
    2027        2028        2029        2030

$      6    $      7    $      6    $      6
$    114    $    107    $     98    $     91
$      5    $      4    $      4    $      4
      0.1         0.1         0.1         0.1
$ 970.16    $ 970.16    $ 970.16    $ 970.16

$      2 $         2 $         2 $         2
      9%          8%          8%          8%
$      8 $         8 $         8 $         7




$      6    $      7    $      6    $      6
$    115    $    107    $     98    $     91
$      5    $      4    $      4    $      4
      0.1         0.1         0.1         0.1
$ 973.91    $ 973.91    $ 973.91    $ 973.91

$      2 $         2 $         2 $         2
      9%          9%          8%          8%
$      9 $         8 $         8 $         7
1   Non-Weatherized Gas Furnaces   1      Non-Weath GF75%        1
2   Weatherized Gas Furnaces       2      Weather GF 76%         2
3   Mobile Home Furnaces           3      Mobile HF   77%        3
4   Oil Furnaces                   4      Oil Furnace 78%        4
5   Gas Boilers                    5      Gas Boiler  79%        5
6   Oil Boilers                    6      Oil Boiler  80%        6
                                                      81%a       7
                                                      81%b       8
                                                      82%        9
                                                      83%       10
    Flat                           1                  84%       11
    Exponential                    2                  85%       12
    Two Tier                       3                  86%       13
                                                      87%       14
                                                      88%       15
    Reference                      1                  89%       16
    High                           2                  90%       17
    Low                            3                  91%       18
                                                      92%       19
    RSMeans                        1                  93%       20
    GTI                            2                  94%       21
    Canadian                       3                  95%       22
    WGF                            4                  96%       23
    MHF                            5                  97%       24
    OF                             6                  98%       25
    GB                             7                  99%       26
    OB                             8
                                                   On         Min
    TSLs allowed:                  0               Off        Max
                                   1
                                   2
                                   3               Flat
                                   4               Two-Tier

                                    78%
                                    80%
                                   81%a
                                   81%b
                                    90%
                                    96%

    Low
    High

    Y
    N
Allowed AFUE Levels:

 NWGF       WGF         OF   MHF    GB    OB
  80%        80%       80%   80%   81%   81%
 81%a        81%       81%   81%   82%   82%
 81%b        82%       82%   90%   83%   83%
  90%       82.5%      83%         84%   84%
  96%                  84%         86%   86%
                       85%         91%   90%
                                   99%   95%

				
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